China approves merger of Sinochem and ChemChina

摘要

The government-owned Assets Supervision and Administration Commission(SASAC;Beijing,China)has approved the merger of Sinochem Group and China National Chemical Corp.(ChemChina).China's State Council and the two state-owned companies will carry out a restructuring,under which Sinochem and ChemChina will become subsidiaries of a new holding company that will be established and wholly owned by SASAC on behalf of the State Council.The new holding company has not been named and a timetable for the restructuring has not been given.