The $43bn takeover of Syngenta by ChemChina represents the largest ever overseas transaction by a Chinese company.
ADVERTISEMENT
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 on Monday, 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 12% in early trading on Monday.
ADVERTISEMENT
Syngenta announced last February that it had accepted a $43b 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.
Syngenta was previously a takeover target on three separate occasions by its US rival Monsanto, while in December last year, Dow Chemicals and DuPont agreed to merge in a $130bn deal. More recently in July, the German chemical company Bayer made a $64bn offer to takeover Monsanto. That offer was rejected by Monsanto management.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
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 on Monday, 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 12% in early trading on Monday.
Syngenta announced last February that it had accepted a $43b 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.
Syngenta was previously a takeover target on three separate occasions by its US rival Monsanto, while in December last year, Dow Chemicals and DuPont agreed to merge in a $130bn deal. More recently in July, the German chemical company Bayer made a $64bn offer to takeover Monsanto. That offer was rejected by Monsanto management.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS