Syngenta shareholders approve ChemChina’s takeover bid
May 8, 2017 Category Mergers & Acquisitions, Weekly
China National Chemical Corp (ChemChina) said that shareholders of Syngenta, the Swiss agrochemical and seed producer, have accepted its USD43 billion takeover bid, paving the way for completion of China’s biggest international acquisition deal. Based on preliminary numbers, 80.7% of shares were tendered in favor of the acquisition, higher than the minimum acceptance rate of 67% needed for the deal to go through, ChemChina said in a statement. The first payment settlement is scheduled for May 18. The Chinese company plans to delist Syngenta’s shares in Switzerland and the United States at an appropriate time. “The completion of this deal will help ChemChina become one of the world’s largest suppliers of pesticides and other crop-care chemicals,” said Ding Lixin, Researcher at the Chinese Academy of Agricultural Sciences in Beijing. However, Ding said Dow Chemical’s merger with DuPont and Bayer’s purchase of Monsanto, which occurred in the past two years, would continue to provide intense market competition with ChemChina.
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