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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