ChemChina rolls over US$43b Syn­genta of­fer un­til Novem­ber

The Myanmar Times - - International Business -

STATE-OWNED China Na­tional Chem­i­cal Corp is ex­tend­ing its US$43 bil­lion agreed takeover for Swiss pes­ti­cide and seed gi­ant Syn­genta un­til Novem­ber.

The com­pany, also known as ChemChina, said the of­fer for all Syn­genta’s shares in what would be by far the big­gest-ever over­seas ac­qui­si­tion by a Chi­nese firm was now open un­til at least Novem­ber 8.

“As pre­vi­ously stated, ex­ten­sions to the ten­der of­fers are ex­pected to oc­cur un­til all con­di­tions to the of­fers are sat­is­fied, in­clud­ing ob­tain­ing all ap­pli­ca­ble reg­u­la­tory ap­provals,” ChemChina said in a state­ment.

The of­fer for Syn­genta shares, an­nounced in Fe­bru­ary, was ex­tended in May and July, and was due to ex­pire on Septem­ber 13.

“All of the other terms and con­di­tions re­main un­changed and ChemChina con­tin­ues to ex­pect to con­clude the trans­ac­tion by the end of the year,” said ChemChina.

Last month a US na­tional se­cu­rity reg­u­la­tor ap­proved the merger, and the com­pa­nies said a num­ber of anti-trust reg­u­la­tors around the world still need to ap­prove the deal.

Syn­genta re­buffed US ri­val Mon­santo three times last year be­fore tak­ing the ChemChina of­fer.

The pro­posed merger is not the only one in the sec­tor, with Ger­man chem­i­cals and phar­ma­ceu­ti­cals gi­ant Bayer sweet­en­ing its of­fer for Mon­santo to $127.50 per share, which would bring bring the deal’s to­tal value to al­most $66 bil­lion.

Mon­santo has yet to re­spond to the new of­fer.

Dow Chem­i­cal and DuPont an­nounced the tie-up in De­cem­ber to cre­ate the world’s big­gest chem­i­cal and ma­te­ri­als group val­ued at $130 bil­lion. –

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