ChemChina continues to extend Syngenta offer

by Holly Demaree
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ChemChina Syngenta
The proposed purchase is undergoing regulatory review in various countries.
 
BEIJING, CHINA – China National Chemical Corp. (ChemChina) further extended its $43 billion offer for Syngenta to April 28, as it continues to seek regulatory approval.

The deal was first announced in February 2016 and initially was expected to close by the end of 2016. It has faced some hurdles in the various countries that must give approval. U.S. leaders have expressed concerns regarding the use of U.S. sovereign immunity, and the E.U. started an investigation amid competition misgivings.

The European Commission has been reviewing the proposed acquisition since ChemChina filed for approval in late September 2016. The commission has extended its decision deadline several times. The current decision date is set for April 12.

ChemChina said on Feb. 23 extensions to the offer are expected to occur until all conditions to the offer is satisfied, including obtaining all applicable regulatory approvals. All other terms and conditions of the offer remain unchanged.

The acquisition would combine Syngenta of Switzerland, one of the main global seeds and crop protection companies, and ChemChina of China, which controls Adama, the largest supplier of generic crop protection products in Europe.

ChemChina has production, research and development, and marketing systems in 150 countries and regions. It is the largest chemical corporation in China, and occupies the 265th position among the Fortune 500. The company’s main businesses include materials science, life science, high-end manufacturing and basic chemicals, among others. Previously, ChemChina has successfully acquired nine industrial companies in France, the U.K., Israel, Italy and Germany. 
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