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ChemChina Nearing Deal to Buy Syngenta for Record $43 Billion

  • Biggest Chinese deal could be announced as early as tomorrow
  • ChemChina made an all-cash offer of about 470 francs a share
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China National Chemical Corp. is nearing an agreement to buy Swiss pesticide-and-seeds-maker Syngenta AG for about 43.7 billion francs ($42.8 billion) as the state-backed company extends its buying spree with what would be the biggest-ever acquisition by a Chinese firm, said people familiar with the matter.

ChemChina, as the state-owned company is known, offered about 470 francs a share in cash and a deal could be announced as early as Wednesday when the Swiss company reports earnings, the people said, asking not to be named as the details aren’t public. That’s 24 percent higher than Syngenta’s last close of 378.40 francs on Feb. 1. Its shares rose 3.7 percent to close at 392.3 francs in Zurich.