Report: ChemChina seeks $10 billion of funding to cut debt ahead of IPO, eventual merger with Sinochem

摘要

China National Chemical Corp. (ChemChina; Beijing) has approached Chinese state-backed investors for up to $10 billion in funding as part of a reorganization of its agrichemicals business, including fully owned subsidiary Syngenta (Basel, Switzerland), according to Reuters. The fundraising initiative and plans for a stock market listing in 2020 of its agchems business are aimed at reducing ChemChina’s debts ahead of a potential mega-merger with state-owned peer Sinochem Group, according to sources, it reported. Frank Ning Gaoning, chairman of both companies, has previously encouraged individual business units to tap capital markets ahead of any tie-up.