Ren Jianxin, the dealmaker who created Chinese chemicals-to-seeds giant ChemChina, will retire and be replaced by the head of rival conglomerate Sinochem in what is seen as a step towards a long-expected merger.
The switch, announced to ChemChina staff at a meeting on Saturday afternoon, sets the stage for the creation of an international chemicals giant with revenues well over $100bn. This would place the combined group, with units spanning seeds to iron ore trading to oil, at the forefront of the consolidating global agricultural chemicals sector.
Mr Ren, 60, will be replaced by Ning Gaoning, who headed Chinese grains trader Cofco before moving to Sinochem in early 2016. Mr Ning, who goes by the English name Frank, is also known for ambitious international acquisitions. He remains the head of Sinochem.