ChemChina, Syngenta’s $43 billion deal gets US clearance

ChemChina, Syngenta’s $43 billion deal gets US clearance

6:35 AM, 22nd August 2016
ChemChina, Syngenta’s $43 billion deal gets US clearance
Swiss agrochemicals maker Syngenta's logo at the company's headquarters in Basel, Switzerland. © Reuters (File photo)

BEIJING, CHINA/ BASEL, SWITZERLAND: China National Chemical Corporation (ChemChina) said that it has received a clearance from the Committee on Foreign Investment in the United States (CFIUS) for its planned acquisition of $43 billion takeover of Swiss pesticides and seeds group Syngenta AG, increasing chances that the of largest foreign acquisition ever by a Chinese company will go through.

The proposed transaction is expected to close by the end of the year. The deal comes in February, as China looks to secure food supplies for its population.

In addition to CFIUS clearance, the closing of the transaction is subject to anti-trust review by numerous regulators around the world and other customary closing conditions, the companies said.

According to Reuters, Syngenta shares ended trading at $396, some 100 Swiss francs less than what ChemChina's offer valued the company.

© Worldofchemicals News


Also Read:

China to improve domestic food production with $43-bn bid for Syngenta

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