ChemChina’s $43 billion planned takeover of Swiss pesticides and seeds group Syngenta has received approval from China’s Ministry of Commerce (MOFCOM), the two companies said on Wednesday.
“This represents a further step towards the closing of the transaction, which is expected to take place in the second quarter of 2017,” they said in a statement.
China’s approval comes without any conditions, Syngenta said in an email.
The deal still requires regulatory approval from India after U.S. and European Union competition authorities gave conditional approval last week and Mexico’s anti-trust commission did so this week.
The agreed offer is for $465 per share. Syngenta shares were up 3 percent at 464.20 Swiss francs ($461.06) by 1222 GMT n Wednesday.
The deal is one of several reshaping the agricultural chemicals and seeds market, even as such tie-ups prompt fears among some farmers that bigger, more powerful suppliers could push up prices and economize on developing new herbicides and pesticides.
($1 = 1.0068 Swiss francs)
By Brenna Hughes Neghaiwi
Source: Reuters
The future CEO of thyssenkrupp Uhde, Nadja Håkansson, has held various management positions at Siemens and Siemens Energy and looks back on over 18 years of national and international experience in the areas of supply chain management, operations, sales and corporate management.
Neste and South Korean company Lotte Chemical have partnered on a project to elevate the sustainability profile of chemicals and plastics. The partnership’s ambition is to replace fossil resources with renewable raw materials that offer a lower carbon footprint.
At least the confidence in the chemical sector has been seeing an upward trend and the trade balance is recovering as destocking seems to be coming to an end. Citing projections from the European Central Bank, CEFIC states that the level of inflation is expected to fall from 5.4% in 2023 to 2.3% in 2024.
