Chinese takeover of Syngenta awaits EU clearance
Chinese state-owned Chemchina has sought approval from the European Commission for its $43 billion takeover of Swiss Company Syngenta.
The Chinese state-owned chemical company filed papers with the European Commission on September 23 to gave the take over the all clear.
The decision on the proposed take over is expected no later than October 28, when the Commission will decide to clear the deal, with or without concessions or open it up for a full investigation.
In February, the Chinese chemical offered to buy the company at $465 (€421.6) per ordinary share, a move which Syngenta’s Board of Directors unanimously recommended to its shareholders.
At the time, the Board said that the transaction would enable further expansion of Syngenta’s presence in emerging markets and notably in China.
The take over bid moved a step closer in August, when Chemchina received clearance from a US security panel on its $43 billion takeover of Swiss agri-business Syngenta.
The Committee on Foreign Investment in the United States (CFIUS) gave clearance to Chemchina on the acquisition.
In addition to CFIUS clearance, the closing of the transaction is subject to anti-trust review by numerous regulators around the world and other customary closing conditions, a statement from Chemchina said.
Both companies are working closely with the regulatory agencies involved and discussions remain constructive, it said and the proposed transaction is expected to close by the end of the year.
Monsanto agrees to $128 per share takeover offer from Bayer
In September, Bayer and Monsanto announced that they signed a definitive merger agreement under which Bayer will acquire Monsanto for US$128 per share in an all-cash transaction.
The merger, which is in the region of $66 billion, will form the world’s largest supplier of seeds and pesticides.
Monsanto’s Board of Directors, Bayer’s Board of Management and Bayer’s Supervisory Board had unanimously approved the agreement.