Syngenta Group is considering a plan to launch its mega initial public offering in Shanghai before the end of this year, according to people familiar with the matter, paving the way for one of the world’s biggest listings in 2022.
The seed and fertilizer giant owned by China National Chemical Corp. could seek a 65 billion yuan ($9.7 billion) listing on Shanghai’s Nasdaq-style Star Board that it has already announced, the people said, asking not to be identified as the information is private.
The Switzerland-headquartered company could allocate about 30 billion yuan worth of the offering to strategic investors, the people said. It planned to sell as many as 2.79 billion new shares in the IPO, equivalent to a 20% stake, according to a prospectus filed last year.
Deliberations are ongoing and details of the IPO including size and timeline could still change, the people said. Syngenta declined to comment.
At $10 billion, Syngenta’s listing would rank among the world’s biggest IPOs this year, according to data compiled by Bloomberg. Battery maker LG Energy Solution raised about $10.7 billion in January in South Korea’s largest ever first-time share sale, while Dubai Electricity & Water Authority gathered $6.1 billion in its March offering. READ MORE
By John Liu, Dong Cao, and Pei Li
Source: bloomberg.com
PepsiCo Europe and crop nutrition company Yara have announced a long-term partnership aimed at providing European farmers with low-carbon crop nutrition solutions to help decarbonise the food value chain. Under the agreement, Yara will supply PepsiCo with up to 165,000 tons of fertiliser per year by 2030, covering around 25% of the food and beverage giant’s crop fertiliser needs across Europe.
BASF has signed an agreement to sell its flocculants business for mining applications to Solenis, a specialty chemicals manufacturer. The divestment of the flocculants business to Solenis is part of BASF’s ongoing portfolio optimisation with the aim of focusing on strategic core areas.
ADAMA Ltd. a leading crop protection company, announced that its board of directors has appointed Gaël Hili as its President and Chief Executive Officer, effective October 1, 2024. Hili will join the Syngenta Group Leadership Team and will be based in Tel Aviv.
