China: ChemChina extends $43 billion Syngenta takeover bid to July

Chinese National Chemical extended its tender offer for Syngenta AG shares by more than a month as it waits for regulatory approval for its planned $43 billion takeover of the Swiss seed and pesticide maker.

State-owned ChemChina offered in February to buy Basel, Switzerland-based Syngenta for $465 a share in cash plus a special dividend of five Swiss francs a share. The main offer period has been extended to July 18, with potential further extensions to be determined, CNAC Saturn, an arm of ChemChina, said in a statement Tuesday. The previous deadline was May 23.

ChemChina aims to complete the deal by the end of 2016 in what would be the biggest acquisition by a Chinese firm. While the transaction has to gain approval from antitrust authorities in Europe and elsewhere, the toughest scrutiny is expected to come from a US national security panel called the Committee on Foreign Investment in the United States, or CFIUS. The US Department of Agriculture has agreed to join the U.S. state panel that is reviewing the deal, Reuters said in a report Monday, citing people familiar with the matter.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.