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
The deal includes the 600kt Acetic Acid plant and all associated third party activities on the site. Eastman and INEOS have also entered into a Memorandum of Understanding to explore options for a long-term supply agreement for vinyl acetate monomer.
The Supervisory Board of Borealis has accepted the decision of Lucrèce Foufopoulos-De Ridder, EVP Polyolefins, Circular Economy Solutions and Innovation & Technology to step down from her executive position at Borealis, and the Board of Borouge Pte effective 31 December 2023 to pursue other career opportunities.
Sidel has launched a new 100% rPET bottle base, StarLiteR, aiming to help carbonated soft drink (CSD) packaging producers embrace material circularity. StarLiteR allows CDS producers to switch to rPET bottle production easily and efficiently, while significantly reducing the impact on product quality or packaging integrity.