ChemChina extends Syngenta offer after EU launches probe
CHINA’S state-owned chemical corporation (ChemChina) has extended its US$43 billion offer for Swiss seed giant Syngenta until January 5, after EU regulators announced they would probe the deal.
The massive takeover would be the biggest in a recent spate of Chinese overseas acquisitions and has drawn considerable attention from global regulators. The ChemChina-Syngenta pact has been cleared by the US and Japan, but the European Commission has opened an in-depth investigation into the deal.
“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.
The terms of the deal “remain unchanged”, it added.
The extension looks set to be another stop-gap as Brussels has said its probe will run until mid-March.
Syngenta is a global leader in seeds and crop protection.
ChemChina describes itself as China’s largest chemical company. It also controls Adama, the largest supplier of generic crop protection products in Europe. –
The Syngenta headquarters in Basel, Switzerland.