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Apr 1, 2021

China Approves Restructuring of Sinochem and ChemChina

China gave approval for a restructuring of Sinochem Group and ChemChina Group, two companies that have been long the target of merger speculation.

The State-owned Assets Supervision and Administration Commission, which regulates the companies, announced the approval late Wednesday in a one-line聽statement. In a separate聽statement, Sinochem said the two firms will become wholly-owned subsidiaries of a new holding company, operated by SASAC.

The move 鈥渨ill further optimize resource allocation, strengthen innovation and stimulate business growth,鈥� Sinochem said. It will also aid the development of the chemical industry in China, it said.

Source:

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