China National Chemical Corp. moved one step closer to the biggest-ever purchase by a Chinese company after the board of Swiss pesticide and seeds maker Syngenta AG threw its support behind a potential sale, according to people familiar with the matter.
Syngenta’s board met this week and voted in favor of pursuing advanced takeover talks, said the people, who asked not to be identified because discussions are private. Their approval could pave the way for a formal agreement to be reached by the Chinese New Year holiday in early February, they said. While negotiations continue, talks could still fall apart and it can’t be ruled out that counter bids appear, they said.
