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Tuesday, March 1, 2016

ChemChina Offers 43 billion USD for Switzerland's Syngenta

BEIJING, Feb. 3 (Xinhua) -- China National Chemical Corp. (ChemChina) said on Wednesday an agreement to buy Swiss agrochemical and seeds company Syngenta for about 43 billion U.S. dollars is subject to anti-trust reviews and approval.

If the deal goes through, it will overtake CNOOC's 2012 purchase of Canadian energy company Nexen as the largest ever overseas takeover by a Chinese enterprise.

Syngenta's board of directors are recommending that shareholders accept the offer of 465 U.S. dollars per share along with a special dividend of 5 Swiss francs (4.9 U.S. dollars), ChemChina said on its website.

"We will continue to work alongside the management and employees of Syngenta to maintain the company's leading competitive edge in the global agricultural technology field," said Ren Jianxin, chairman of ChemChina.

The transaction will enable expansion of Syngenta's presence in emerging markets, Syngenta said on its website.

Syngenta's existing management will remain in place following the deal, which is expected to be completed by the end of the year.

Last month, ChemChina bought German machinery maker KraussMaffei and took a 12-percent stake in Swiss energy trader Mercuria.

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