China gives go-ahead for ChemChina buyout of Syngenta as last approval awaited from India
Chinese regulators gave the go-ahead for China National Chemical Corp.’s planned US$43 billion takeover of Syngenta AG, sending shares of the Swiss maker of pesticides and seeds up as much as 3 per cent.
Just a nod from Indian authorities is all that’s needed for the transaction to go ahead after months of hold ups. Syngenta expects China’s largest foreign acquisition so far to complete in the second quarter, according to a statement on Wednesday.
ChemChina won European Union antitrust approval for its takeover of the Swiss pesticide maker last week, a day after the US gave its blessing.
The takeover, announced more than a year ago, is one of a trio of mega-deals that would reshape the global agrochemicals industry. The combined transactions would whittle five industry players, among them Dow Chemical Co., DuPont, Bayer AG and Monsanto, down to three behemoths.