Syngenta is now expecting its US$43 billion takeover by ChemChina to be finalized in the second quarter of 2017.
“ChemChina and Syngenta have made significant progress towards achieving the necessary regulatory approvals and closing the transaction,” said the company in its 2016 year-end results, published on Wednesday.
13 regulatory authorities have given their thumbs-up to the deal, but approvals are still needed in key jurisdictions of Brazil, Canada, China, the EU, India, Mexico and the United States.
In the EU, antitrust regulators have extended the deadline for their decision to April 12, while the formal filing to the U.S. Federal Trade Commission was submitted on January 13. National security clearance in the U.S. has already been granted by CFIUS.
With the anticipated closure of the deal, Syngenta’s board has also decided to push the company’s annual general meeting back from April to June, by when the first settlement of the transaction is expected to have taken place.
“2017 will be a landmark year for Syngenta as we look forward to closing the transaction with ChemChina in the second quarter. Under the new ownership, we will continue to enhance our focus on execution in order to drive the business forward,” said CEO Erik Fyrwald.
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