Pesticide Leader Syngenta says planned ChemChina Takeover will Happen


Syngenta is based in Switzerland, and shares fell by 9% after the EU slowed down the billion dollar takeover deal.

Pesticide Leader Syngenta says planned ChemChina Takeover will Happen

  • ADDED
  • 3 years ago

Syngenta is based in Switzerland, and shares fell by 9% after the EU slowed down the billion dollar takeover deal.

Syngenta is the global leader in pesticide production and is based in Basel, Switzerland. This week the company was forced to reassure the world that the planned ChemChina takeover will still be going ahead. The takeover is worth $43 billion, and investors began to worry when the European Commission requested more information. This has caused the deal to be pushed back past the end-of-2016 deadline that was previously forecast.

According to Reuters, the CEO of Syngenta Erik Fyrwal has explained the situation in a statement: "In a context of industry consolidation, regulators in the EU and elsewhere have recently requested a large amount of additional information and we now expect the regulatory process to extend into the first quarter of 2017."

"ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," he added for good measure.

The EU regulators’ request for more information has actually caused shares in Syngenta to fall by almost 10%.

ChemChina is a chemical company based in China, and there have been rumours that it’s going to be merged with Sinochem, another Chinese company. However, Fyrwal also reassured the world that a deal like that is not likely to materialise, nor affect the deal:

"We talk to ChemChina regularly on a range of issues, as you can imagine, and they have repeatedly assured us that they are not in any discussions about merging with Sinochem," he told Reuters.

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