Sinochem takes controlling share in Jiangsu Yangnong
Chinese state-owned chemical giant Sinochem has acquired a further 0.06% stake in Chinese agrochemical company Jiangsu Yangnong Chemical. The share was transferred without monetary consideration from Jiangsu Jinmao Chemical & Pharmaceutical Group to Sinochem, which become the controlling shareholder in the company with a 40.59% stake. Jiangsu Yangnong is one of China’s leading manufacturers of the herbicide, glyphosate, and the company recorded a 36% surge in agrochemical sales in 2013 to Yuan 2,974.2 million ($476.8 million – Agrow No 685, p 9). Sinochem subsidiary, Sinochem International, has a 29.2% stake in another major glyphosate producer, Nantong Jianghsan Agrohcemical and Chemical, and industry analysts are hailing the recent acquisition as a step toward consolidation for the country’s glyphosate industry.