ChemChina taps JPMorgan for Dow unit bid -sources
Published: 22 Jun 2009 02:14:41 PSTHONG KONG, June 22 - China National Chemical Corp (ChemChina), the mainland's top chemical producer, has retained JPMorgan to advise it on a bid for Dow Chemical's agrosciences unit, sources said on Monday.
Dow's agrosciences unit booked full-year sales of $4.5 billion in 2008 according to the company's website.
Dow, the largest U.S. chemicals maker, is shedding a host of assets to raise cash to pay off a $9.2 billion bridge loan it took on when it purchased chemical company Rohm & Haas Corp in April.
JPMorgan declined to comment. ChemChina was not immediately available for comment.
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