Stronger Franc Bane for Syngenta Investors Ahead of Deal: Chart

As Syngenta AG pushes to close its $43 billion takeover by China National Chemical Corp. by year’s end, regulatory approvals aren’t the only concern for its shareholders. Since the purchase was announced Feb. 3, the Swiss franc has strengthened as much as five percent against the greenback, at one point shaving nearly 2.2 billion francs ($2.3 billion) off what investors would receive since ChemChina is paying in U.S. dollars. Though the Swiss currency has since weakened, a positive for shareholders, the current exchange rate still implies a shortfall of more than 1 billion francs compared to the day the deal was announced.