ChemChina (Beijing) today denied press reports that it is discussing a merger with Sinochem (Beijing). Such a deal would create a chemical giant with annual revenue of $100 billion. “There is no such thing,” ChemChina tells CW. A Reuters report, citing people familiar with the matter, says the deal has been proposed by the Chinese government to reduce the country's number of state-owned companies and create larger, more competitive global industry players. Sinochem is taking the lead in the potential merger, the report says.
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