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Syngenta AG, which has agreed to be taken over by China National Chemical Corp. for $43 billion, said talks with regulatory authorities to win approval for the deal have been constructive and the Swiss company is confident the transaction can be closed on time.
Talks with the Committee on Foreign Investment in the U.S. [CFIUS] are ongoing and the goal remains to complete the deal by year end, Chief Executive Officer Erik Fyrwald said in a phone interview on [July 22]. . . .
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ChemChina is seeking regulatory approval for the purchase that will make it the world’s largest supplier of pesticides and other crop-care chemicals, albeit temporarily. Dow Chemical Co.’s merger with DuPont Co. and Bayer AG’s possible purchase of Monsanto Co. will reorder the rankings as the top six suppliers jostle for market share and financial power. . .
With Syngenta, investors are focused on the process of winning approval from CFIUS in a presidential election year. The regulator can recommend a deal be blocked for reasons of national security, and this time around the panel includes the USDA as the planned acquisition involves food security. . . .
Read full, original post: Syngenta Says U.S. Talks Over ChemChina Bid ‘Constructive’
