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This year, the global chemical industry has witnessed a surge in mergers and acquisitions right from the start of the year, with activity remaining robust even within the first three months. A notable trend is the increased interest from foreign investors in acquiring Chinese companies or accelerating their stake in local firms, marking a new wave of transnational players entering the Chinese chemical market. At the same time, Chinese chemical companies have also made significant strides in cross-border M&A activities.
One key development is the accelerated pace at which multinational corporations are acquiring stakes in Chinese firms. On January 25, Cooper Tire & Rubber Company acquired a 51% ownership in China Cooper-Chengshan Auto Tire Co., Ltd., a company that reported sales of $500 million in 2005. In February, J.M. Huber acquired Shandong Golden Millet Bio-Products, a producer of xanthan gum. Canada’s PCS Corporation also announced it had purchased a 10.01% stake in Sinochem Hong Kong Holdings, raising its total holding to 20%.
Oman Petroleum made headlines in February by acquiring a 30% stake in Qingdao Lidong Chemical Co., Ltd., an aromatics producer, from LG Aromatic (Singapore) Co., Ltd. This move brought Oman Petroleum’s ownership to 60%, making it the largest shareholder. Hongxing Chemical Group (Qingdao) holds a 10% stake in Lidong Chemical, and together they are developing a major aromatics complex in Qingdao, including 700,000 tons per year of paraxylene, 250,000 tons of benzene, and 150,000 tons of toluene.
Foreign chemical firms have also been actively pursuing full acquisitions of Chinese companies. In February, Degussa Building Materials Systems (Beijing) Co., Ltd., a subsidiary of Degussa (China) Co., Ltd., acquired all assets of Beijing Huiqiang Admixture Co., Ltd., a leading Chinese manufacturer of concrete admixtures. Degussa has been active in the Chinese market since 1988, operating two plants in Shanghai and maintaining 11 branch offices nationwide. Meanwhile, in March, Ashland acquired Nanjing Clean Environmental Protection Company, a water treatment firm, to form Ashland (Nanjing) Chemical Corporation, which focuses on water and environmental products, as well as water control and monitoring equipment.
In parallel, Chinese chemical companies have successfully expanded their global footprint through cross-border M&A. China National Chemical Corporation's subsidiary, Bluestar (Group) Corporation, completed the acquisition of 100% equity in France’s Adisseo on January 17. Adisseo specializes in methionine, vitamins, and bio-enzymes, with five production sites worldwide and a distribution network spanning 140 countries. Additional acquisitions are reportedly underway, signaling continued momentum in the sector.
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