China Approves Syngenta Deal With ChemChina; Only India RemainsBy
Shares in Syngenta rise as much as 3 percent to 465 francs
Ruling from Indian authorities is only decision outstanding
Chinese regulators gave the go-ahead for China National Chemical Corp.’s planned $43 billion takeover of Syngenta AG, sending shares of the Swiss maker of pesticides and seeds up as much as 3 percent.
Just a nod from Indian authorities is all that’s needed for the transaction to go ahead after months of hold ups. Syngenta expects China’s largest foreign acquisition so far to complete in the second quarter, according to a statement on Wednesday.
ChemChina won European Union antitrust approval for its takeover of the Swiss pesticide maker last week, a day after the U.S. gave its blessing. The takeover, announced more than a year ago, is one of a trio of mega-deals that would reshape the global agrochemicals industry. The combined transactions would whittle five industry players, among them Dow Chemical Co., DuPont Co., Bayer AG and Monsanto Co., down to three behemoths.
The shares rose 2.8 percent to 463.7 Swiss francs by 2:30 p.m. in Zurich, the most since August. ChemChina’s offer values the company at about 473.30 francs a share.