China National Chemical Corp (ChemChina) has sought antitrust approval for its $43 billion bid for Swiss pesticides and seeds group Syngenta from the European Union and a decision is expected by Oct. 28.
State-owned ChemChina filed its request on Sept. 23, the European Commission’s website showed on Monday.
The EU competition enforcer can either clear the deal, with or without concessions, or it can open a full investigation if it has serious concerns that ChemChina’s takeover of the world’s largest pesticides maker could harm customers and rivals.
ChemChina cleared one of the biggest hurdles last month when a U.S. national security panel approved what would be the largest foreign acquisition by a Chinese company.
The deal is one of several in the agrochemicals sector, including the planned $130 billion merger of Dow Chemical and DuPont, Bayer’s $66 billion bid for Monsanto and Potash Corp of Saskatchewan’s proposed merger with Agrium.
By Foo Yun Chee
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.