Deals
ChemChina Said to Improve Syngenta Bid in Biggest China Takeover
- State-owned company said to raise bid to about CHF470 a share
- ChemChina could acquire 70% of Syngenta with option for rest
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China National Chemical Corp. raised its bid for Swiss pesticide and seeds maker Syngenta AG in a potential deal that would mark the biggest-ever purchase by a Chinese company, people with knowledge of the matter said.
ChemChina, as the state-owned company is known, offered to buy 70 percent of Syngenta now, with an option to acquire the remaining 30 percent, people with knowledge of the matter said last week. In addition to the two-step acquisition, the Chinese firm also made an alternative proposal to buy all of Syngenta, one of the people said.