ChemChina buys stake in trader
Print Edition
CHINA National Chemical Corp yesterday said it had bought a 12 percent stake in Swiss energy and commodities trader Mercuria, the second overseas investment by the Chinese state giant in a week.
The company, also known as ChemChina, said the strategic investment in Mercuria Energy Trading would expand its portfolio, according to a statement posted on its website.
Last week, ChemChina said it would buy Germany’s KraussMaffei Group, which makes machinery for producing plastics and rubber, for 925 million euros (US$1 billion).
“Through the investment in Mercuria Energy Trading, which has grown rapidly over the last decade, ChemChina will expand further into the energy sector,” ChemChina Chairman Ren Jianxin said in the statement.
Mercuria is one of the world’s largest energy and commodity traders, its website said.
“An investment by ChemChina in our company reaffirms Mercuria’s business model as well as growth potential,” Marco Dunand, CEO of Mercuria Energy Group, said in a separate statement.
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