November 6, 2019 / 8:43 AM / 11 days ago

Sinochem chairman says merger with ChemChina still underway

FILE PHOTO: A logo of Sinochem is seen outside an office building of Sinochem in Beijing, China, February 21, 2017. REUTERS/Damir Sagolj

SHANGHAI (Reuters) - Frank Ning Gao Ning, chairman of Chinese state-run Sinochem Group said on Wednesday the planned merger with China National Chemical Corp, or ChemChina, was still underway.

Ning also said the company is working on plans to list crop and seed company Syngenta on the Shanghai stock exchange.

The Financial Times reported last week that China is planning to abandon a planned merger of the two state groups due to challenges in bringing the two management teams together.

“I don’t know where the information came from ... It is fake. The two companies are very big and there are a lot of financial and legal issues. We are still researching the best way to proceed,” Ning told reporters on the sidelines of China International Import Expo in Shanghai.

Talks between top management of the two groups about the government-orchestrated merger were first reported three years ago.

Reporting by David Stanway; editing by David Evans

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