Sector News

Syngenta: ChemChina's bridge financing 'committed and irrevocable'

October 12, 2016
Chemical Value Chain

Bridge financing is “committed and irrevocable” for ChemChina’s $43 billion takeover of Syngenta, a spokeswoman for the Swiss chemicals maker said on Monday, following a report on Chinese news outlet Caixin that the acquisition had hit a snag.

“We have no comment to make on this article and ChemChina is proceeding with their refinancing strategy,” the spokeswoman said. “Bridge financing for the transaction is committed and irrevocable.”

State-owned ChemChina is borrowing heavily to buy seeds-and-pesticides producer Syngenta as the country seeks new agricultural technology to bolster its growing population’s food supply. Caixin reported that a $15 billion piece of the deal’s funding remains missing, citing several people it said were close to the deal.

By John Miller

Source: Reuters

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