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By Zhang Qi (China Daily)
Updated: 2007-11-30 10:41

China's largest fertilizer producer Sinochem Corp has paid 1.6 billion yuan (US$216.74 million) for a 51 percent stake in Zhejiang chemicals maker Juhua Group Corp.

The two companies signed the agreement on Wednesday, according to a statement from Juhua Group's listed arm Juhua Co Ltd. The deal gives Sinochem control of the fifth largest Chinese basic chemicals maker in Quzhou, Zhejiang Province.

As fluoro-chemical consolidations accelerate, many smaller firms are selling to larger rivals like Sinochem.

The Zhejiang provincial government, a major stakeholder in Juhua Group, wants to focus State-owned assets in core areas.

Related readings: Sinochem snaps up rival Sinochem posts record profit Sinochem Int'l says parent has no plans to list as a group

The purchase also gives Sinochem control on Shanghai-listed Juhua Co, as Juhua Group controls almost 57 percent of the listed unit.

Juhua Co fell more than four percent to 12.22 yuan yesterday, despite a sharp rise on the Shanghai Composite Index of 4.16 percent.

The deal will enhance the company's competitiveness in the fluoro-chemical industry, and it expects to become a leader in the sector in China, according to Juhua Co's statement.

Sinochem opened its Ganzhou Fluoro-chemical Industrial Base in Jiangxi Province last month, merging with local fluoro-chemical manufacturers Xingguo Zhongying Mining Co Ltd and Jiangxi Sanmei Chemicals Co Ltd.