US panel clears ChemChina-Syngenta deal
By Sara Wyant
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, Aug. 22, 2016 - China National Chemical Corporation (ChemChina) announced that the Committee on Foreign Investment in the U.S. cleared its proposed $43 billion takeover of Syngenta - removing one of the biggest potential obstacles to the deal.
The transaction is advancing as the global seed and pesticide industry undergoes a wave of consolidation.
ChemChina agreed to aquire Syngenta in February, after the company rejected a takeover bid by Monsanto. Now, German chemical giant Bayer is pursuing Monsanto, but the St. Louis-based company rejected a $64 billion offer last month and talks are continuing. And last December, Dow Chemical and DuPont agreed to combine.
ChemChina's purchase of the Swiss company, one of the world's largest producers of crop protection products and seeds, is expected to close by the end of the year, the companies said in a joint release. However, the transaction is still subject to antitrust review by other regulatory bodies and closing conditions.
“Both companies are working closely with the regulatory agencies involved and discussions remain constructive,” the companies said.
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