China National Chemical Corp (ChemChina), the mainland’s largest chemicals maker, has resumed bidding for Dow Chemical’s agricultural chemical unit, the South China Morning Post reported. Dow restarted an auction for Dow AgroSciences, which could command a price of US$5-7 billion, pitting ChemChina against Monsanto and Switzerland’s Sygenta, the world’s biggest farm chemicals maker. Sources told the paper that the odds are against a successful acquisition by ChemChina, as Monsanto and Sygenta’s businesses are more in line with those of Dow AgroSciences. ChemChina has previously rejected offers of a minority stake in the unit, favoring a takeover or joint venture. Chinese chemical firms such as Sinochem, Sinopec and ChemChina have been pursuing overseas acquisitions to expand their product offerings.
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