A $2bn bid to take over Sinochem International Logistics has stalled amid political turmoil in the would-be buyer’s hometown.
Corruption investigations that have taken down a series of Communist Party officials in Inner Mongolia have come at an awkward time for the sale of China’s leading chemical carrier owner.
Informed sources believe the deal is dead.
Parent Sinochem International Corp has been trying since last year to spin off the subsidiary, with its chemical tanker, tank container and shoreside logistics divisions.
