ChemChina and Sinochem are planning to merge next year, creating the world’s biggest chemical group with $100bn of revenues, according to several senior bankers in Asia.
The deal would follow ChemChina’s $43bn purchase of Swiss agrochemicals leader Syngenta — backed by 80 per cent of the Swiss agribusiness’s shareholders on Friday — amid more general consolidation in the sector.
With 1.4bn mouths to feed, China is eager to control technology in seeds, herbicides and pesticides, despite widespread domestic opposition to genetically modified crops.
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