By Julie Zhu and Kane Wu
HONG KONG, Dec 20 (Reuters) – China Nationwide Chemical Corp, or ChemChina, has approached Chinese language state-backed buyers for as much as $10 billion in funding as a part of a reorganisation of its agrichemicals enterprise forward of a public float, in accordance with 5 individuals acquainted with the scenario. The reorganisation consists of Swiss big Syngenta.
The fundraising efforts and eventual inventory market itemizing are designed to chop ChemChina’s money owed forward of a long-awaited mega-merger with state-owned peer Sinochem. Frank Ning, the chairman of each firms, has inspired particular person enterprise models to faucet capital markets forward of any tieup, which has been within the works since 2016.
Executives from ChemChina and Sinochem have been concerned within the approaches to potential buyers, in accordance with two of the sources, who’ve direct data of the talks. They turned to fellow state-owned companies after some worldwide buyers shunned the provide as too costly, the 5 individuals mentioned.
Liang Xiaoliang, a company communication govt at…