ChemChina Nears Deal to Buy Syngenta Stake -- Update
02 Februar 2016 - 2:08PM
Dow Jones News
By Rick Carew, Shayndi Raice and Eyk Henning
China National Chemical Corp. is nearing a deal to buy a
controlling stake in Syngenta AG for over $40 billion, according to
people familiar with the matter.
The deal could be announced as soon as Wednesday, although it
could still fall apart, the people said.
If consummated, the transaction would represent the largest
foreign acquisition by a Chinese company. Terms of the deal call
for a price of about 470 Swiss francs ($460.9) a share.
Shares in Syngenta rose after The Wall Street Journal first
reported the news.
The deal would mark the latest consolidation of the chemicals
sector after DuPont Co. and Dow Chemical Co. announced their
merger. The trend is shrinking the number of companies that
dominate the global seed and pesticide business.
U.S. chemical company Monsanto Co. kicked off the current deal
making wave last spring when it proposed to buy Syngenta. After
unsuccessfully courting Syngenta investors and sweetening its offer
to $46 billion in cash and stock, Monsanto dropped its pursuit in
August.
Since then, Syngenta has said that it is discussing possible
deals with multiple parties, a shift in its initial resistance to a
takeover.
Write to Rick Carew at rick.carew@wsj.com, Shayndi Raice at
shayndi.raice@wsj.com and Eyk Henning at eyk.henning@wsj.com
(END) Dow Jones Newswires
February 02, 2016 07:53 ET (12:53 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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