'poses no se­cu­rity is­sues'

The Pak Banker - - COMPANIES/BOSS -

es ques­tions about the po­ten­tial na­tional se­cu­rity im­pli­ca­tions," he said. Ear­lier this month, US Agri­cul­ture Sec­re­tary Tom Vlasik said he too had reser­va­tions about the trans­ac­tion and its im­pact on US com­peti­tors try­ing to get into the Chi­nese mar­ket. CFIUS is tasked with re­view­ing for­eign ac­qui­si­tions of US com­pa­nies and con­sists of rep­re­sen­ta­tives from 16 agen­cies, in­clud­ing trea­sury, home­land se­cu­rity and de­fense. Grass­ley's com­ments are part of a grow­ing trend among some US law­mak­ers to have CFIUS play an ex­panded role in re­view­ing po­ten­tial trans­ac­tions, par­tic­u­larly those com­ing from China.

The or­ga­ni­za­tion has never re­jected a deal on the grounds of food se­cu­rity. Nev­er­the­less, it will be sub­jected to an oblig­a­tory 75-day re­view be­cause ChemChina is State-owned.

Al­though based in Switzer­land, Syn­genta is the big­gest seller of pes­ti­cides in North Amer­ica, from where it gets nearly a quar­ter of its rev­enue, and a ma­jor seller of seeds. Its US head- quar­ters is in North Carolina, and it has other fa­cil­i­ties in sev­eral states, in­clud­ing Cal­i­for­nia, Delaware, Iowa, Louisiana, Ne­braska and Min­nesota. Michael Wes­sel, a mem­ber of the USChina Eco­nomic and Se­cu­rity Re­view Com­mis­sion, which was cre­ated to mon­i­tor China for Congress, has in­sisted there are food safety risks for the US to con­sider in the ChemChi­naSyn­genta deal, and agrees with Grass­ley in want­ing the Agri­cul­ture Depart­ment to be in­volved in CFIUS's re­view.

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