Sector News

ChemChina-Syngenta deal wins Chinese regulatory approval

April 13, 2017
Chemical Value Chain

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

Related News

October 17, 2020

Evonik and Siemens test plant to produce chemicals from carbon dioxide

Chemical Value Chain

Evonik and Siemens have commissioned a pilot plant that uses microorganisms to convert water and carbon dioxide into specialty chemicals. The pilot plant has been built at Evonik’s site in […]

October 17, 2020

Wearable IT devices – Dyeing process gives textiles electronic properties

Chemical Value Chain

Whether in fitness, medicine or in the entertainment industry, IT devices worn on the body, such as smart watches, are becoming increasingly popular. Such wearables benefit from the input device […]

October 17, 2020

New recycling facility in Europe will recycle plastic repeatedly

Chemical Value Chain

Technology company Loop Industries and environmental services company SUEZ have announced that they will build a recycling facility in Europe using Loop’s technology which can recycle plastic repeatedly without quality […]