Syngenta inches closer to ChemChina deal
By Sara Wyant
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, April 28, 2016 - At their annual general meeting earlier this week, Syngenta shareholders officially approved motions for an ordinary dividend of CHF 11.00 per share ($465 U.S. per share) and a special dividend of CHF 5.00 per share. The special dividend is contingent upon the public tender offer by CNAC Saturn (NL) B.V., an indirect subsidiary of China National Chemical Corporation (ChemChina), becoming unconditional."
“I firmly believe that this is a transaction truly in the interests of all stakeholders,” said Michel Demaré, Chairman of the Board, in a speech to shareholders regarding ChemChina's offer. “First of all, Syngenta will remain Syngenta. We will continue to be headquartered in Basel and be a science-based company focused on innovation. We will maintain the highest standards of corporate governance, ethics and reporting, and we will have an owner that will invest in the business with a long-term vision, providing us with the stability required for a company with such a long investment horizon. We will therefore be in an excellent position to offer growers continued choice for many years ahead.”
Syngenta spokesperson Paul Minehart said the ChemChina offer will remain open until all regulatory approvals are competed globally and then close. Sixty-seven percent of shares must agree to be purchased for the deal to be completed.
“We believe we are on track in this process and expect to complete the deal by the end of the year,” Minehart said.
Editor's Note: A news item in the April 27, 2016 Agri-Pulse newsletter incorrectly stated that shareholders approved motions to sell their shares to ChemChina.
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