HONG KONG (Reuters) - Media reports of a merger of Chinese state-owned chemical firms Sinochem Group and ChemChina, which is finalising a $43 billion takeover of Swiss pesticides and seed group Syngenta (S:SYNN) are just rumours, Sinochem Group Chairman Ning Gaoning said.
Sources told Reuters in October that Sinochem and ChemChina were in discussions about a possible merger to create a chemicals, fertiliser and oil giant with almost $100 billion in annual revenue.
"No, no, it has been a rumour for a long while," said Sinochem Group's chairman, when asked if his company planned to acquire ChemChina, at the Asian Financial Forum in Hong Kong.
The reports of a possible merger of the two Chinese companies triggered concerns it could complicate China National Chemicals Corp's (ChemChina) acquisition of Syngenta (S:SYNN), which would be the country's largest-ever foreign takeover.