US competition and security authorities have given clearance to the $43bn takeover of the Swiss seed and agrochemical company, Syngenta, by the state-owned Chinese chemical company, ChemChina.

In a statement released this week, Syngenta and ChemChina said the proposed transaction between the two companies had received clearance from the Committee on Foreign Investment in the United States (CFIUS).

Receiving the go-ahead from the CFIUS was seen as the only major hurdle that might trip up the deal by investors.

As a result, Syngenta shares have surged more than 10% in the wake of the announcement.

Syngenta announced last February that it had accepted a $43bn takeover bid from ChemChina in a deal that ranks as the largest ever overseas transaction by a Chinese company. The global agrochemical industry has entered a major process of consolidation in the last 12 months.