China Approves Restructuring of Sinochem and ChemChina

(Bloomberg) — 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 announced the approval late Wednesday in a one-line statement that didn't provide additional detail. Both Sinochem and ChemChina are state-owned companies regulated by SASAC. Ning Gaoning, the chairman of both companies, said in November 2019 that they were exploring a merger and working on finance and legal matters. The deal would create an oil-to-chemicals company with more than $100 billion in assets. A deal to combine the two…