ChemChina ex­tends Syn­genta of­fer af­ter EU launches probe

The Myanmar Times - - International Business -

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. –

Photo: AFP

The Syn­genta head­quar­ters in Basel, Switzer­land.

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