China National Chemical Corp. sought European Union approval for its $43 billion takeover of Syngenta AG, one of a trio of mega-deals reshaping the global agrichemicals industry already described as “quite concentrated” by the bloc’s antitrust chief. The European Commission set an initial Oct. 28 deadline to rule on the deal, according to Bloomberg. ChemChina agreed to buy Syngenta earlier this year in a deal that would transform it into the world’s largest supplier of pesticides and agrochemicals. It is the biggest foreign acquisition for a Chinese firm. ChemChina, which is state owned, received approval from U.S. national security officials for the takeover last month. The deal is the second of three tie-ups between companies that sell seeds and chemicals to farmers across the world.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved