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Business deals

China forges ahead with $146bn chemical megamerger

Industry braces for fallout from Sinochem-ChemChina combination

Sinochem Group and ChemChina merged their agricultural assets this year.   © Reuters

BEIJING/TOKYO -- China's top two chemical makers Sinochem Group and ChemChina confirmed Wednesday that they are discussing a merger that has put the global industry on edge over what would be by far the world's largest producer.

Ning Gaoning, chairman of the two state-owned enterprises that boast sales of $146 billion combined, announced the consolidation talks at a news conference in Beijing hosted by the State Council, China's top governing body.

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