ChemChina looks for E.U. approval on acquisition of Syngenta

28.09.2016

Monsanto made a $46 billion merger deal with Syngenta last year. Monsanto stepped away from the deal after Syngenta said it did not meet their financial expectations.
 
China National Chemical Corp. filed for acquisition approval of Syngenta by the European Commission. The European Commission’s preliminary decision deadline is set for Oct. 28.

In February, ChemChina, a Chinese state-owned chemical company, offered more than $43 billion cash to buy its Swiss rival Syngenta. Later, Syngenta’s board of directors recommended to the shareholders the sale of Syngenta to ChemChina.

On Aug. 22, the Committee on Foreign Investment in the United States (CFIUS) gave approval for the merger.

St. Louis, Missouri, U.S.-based Monsanto made a $46 billion merger deal with Syngenta last year. Monsanto stepped away from the deal after Syngenta said it did not meet their financial expectations.

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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