Syngenta, ChemChina Deal Clears Major Hurdle

Syngenta’s stock price jumped more than 10 percent on Monday morning, after news the company’s acquisition by China National Chemical Corporation — aka ChemChina — cleared a major hurdle in the U.S.

Both companies announced the Committee on Foreign Investment in the U.S. has granted its approval for the proposed US$43 billion takeover announced back in February. The committee’s role is to review national security implications of foreign investments in the U.S.

As shown by Syngenta’s market value, the decision is viewed as significantly improving the odds the sale will go through.

“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,” the companies noted in a joint statement. “Both companies are working closely with the regulatory agencies involved and discussions remain constructive.”

Syngenta says it still expects the deal to close by the end of 2016.

Related: ChemChina Reaches Deal to Buy Syngenta for US$43 Billion

 

RealAgriculture News Team

A team effort of RealAgriculture's videographers and editorial staff to make sure that you have the latest in what is happening in agriculture.

Trending

Wheat prices jump into August — This week in the grain markets

This week, winter wheat prices touched a three-year high, but it didn’t last. Chicago SRW wheat prices for September 2018 gained 5 per cent or about 26 cents US/bushel to close at $5.56. While the December 2018 contract was up 5.4 percent — or nearly 30 cents — to finish a tad under $5.80. In…Read more »

Related

Leave a Reply

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.