ChemChina Seeks EU Approval of Syngenta Buy
ChemChina has filed for European antitrust approval of its $43 billion bid for Swiss agrochemicals group Syngenta. The European Commission was notified of the request on Sep. 23 and a decision is provisionally expected by Oct. 28. European regulators could either clear the merger, with or without concessions, or it could decide to open a full investigation if it is concerned that the acquisition could harm customers and competitors.
The Beijing-headquartered firm cleared one of the biggest challenges to the takeover last month when the Committee on Foreign Investment in the US (CFIUS) gave its approval to what would be the largest foreign acquisition by a Chinese company. The deal is one of many that are proceeding within the global agrochemicals industry, including mergers between Dow Chemical and DuPont, Potash Corp of Saskatchewan and Agrium, as well as Bayer’s $66 billion purchase of Monsanto.
