October 31, 2019 / 1:01 AM / 17 days ago

China close to abandoning ChemChina, Sinochem merger plan: FT

(Reuters) - China is planning to abandon a planned merger of state-owned chemical firms ChemChina and Sinochem Group due to challenges in bringing the two management teams together, the Financial Times reported on Thursday, citing two people close to the matter.

There have also been challenges in determining change in ownership of a number of global assets of ChemChina, such as Swiss agrichemicals firm Syngenta, which have led a working group responsible for the merger to prepare to abandon the plan, the newspaper said on.ft.com/2BTAAxx.

But the FT added that the process has not yet been totally scrapped, citing one source.

Reuters has reported since 2016 that Sinochem and ChemChina have been discussing a merger which would be worth well over $100 billion, though company executives have repeatedly denied it.

Sinochem and ChemChina did not immediately respond to Reuters’ request for comment.

Reporting by Bhargav Acharya in Bengaluru; Editing by Muralikumar Anantharaman

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