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
INEOS, Europe’s biggest operator of electrolysis needed to produce clean, low carbon hydrogen, has doubled down on its €2 billion investment in green hydrogen with the launch of a hydrogen advocacy campaign. The campaign kicked off with the publication of a powerful editorial in the Sunday Telegraph on the hydrogen economy written by Sir Jim Ratcliffe, INEOS’s founder and chairman.
Vertellus, a manufacturer of specialty products for consumer goods, food & agriculture, healthcare, and industrial markets, today announced the completion of its acquisition of IM Chemicals. With the addition of IM Chemicals, Vertellus expands its specialty ingredients portfolio into new markets and bolsters its manufacturing capabilities in Europe.
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