BEIJING -- China has approved the merger of top chemical makers Sinochem Group and ChemChina, creating the world's largest player by far with combined sales exceeding 1 trillion yuan ($152 billion), as Beijing fosters their further growth amid rising tensions with the U.S.
The integration was authorized by the State-owned Assets Supervision and Administration Commission. The two state-owned businesses will go under a new holding company to be wholly owned by the commission.
