Syngenta's Tempting Chinese Option
Chemicals maker's chances of successfully finding a buyer are increasing
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For Syngenta's interim CEO John Ramsay, the task at hand seems clear: work yourself out of the top job. Ramsay's mandate since taking the hot seat a few weeks ago appears to be to strike a deal with a rival against the backdrop of a big shake-up in the agri-chemicals sector. China National Chemical, known as ChemChina, may soon hand Ramsay an attractive exit route.
The Chinese company is preparing an all-cash offer of 473 Swiss francs a share, or $44.6 billion, which could land as soon as this week, according to a report on the Benzinga news website. That's about 5 percent more than the ChemChina offer Syngenta rejected in November. It's also a little higher than Monsanto's earlier 470 franc-a-share approach, also rejected.