ChemChina, Sinochem Merge Agricultural Assets: Syngenta

by swisschambei in Engineering / Manufacturing

ChemChina and Sinochem are consolidating their agricultural assets into a new holding company to be called Syngenta Group, ChemChina unit Syngenta said. Chen Lichtenstein, current president and CEO of Shenzhen-listed crop protection company ADAMA, which will also be incorporated into the new group, will be nominated CFO of the newly formed Syngenta Group. He will be based in Basel, Switzerland, the Swiss group said in a statement. Reuters reported last month that China National Chemical Corp, or ChemChina, had approached Chinese state-backed investors for up to USD 10 billion in funding as part of a reorganization of its agrichemicals business ahead of a public float. The reorganization includes Syngenta, the Swiss pesticide producer that ChemChina agreed in 2016 to buy for USD 43 billion. The fundraising efforts and eventual stock market listing are designed to cut ChemChina’s debt ahead of a long-awaited mega-merger with state-owned peer Sinochem. Frank Ning, the chairman of both companies, has encouraged individual business units to tap capital markets ahead of any tie-up, which has been in the works since 2016. ChemChina wants to list Syngenta on China’s technology-focused STAR market in mid-2020, according to fundraising documents dated from October.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Swiss Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
October 14, 2021
Published By prnasia.com in Business
October 13, 2021
Published By global.chinadaily.com.cn in Bank / Finance / Insurance
October 7, 2021
Published By reuters.com in Engineering / Manufacturing
September 28, 2021
Published By s-ge.com in Business
September 18, 2021
Published By Consulate General of Switzerland in Guangzhou in Bilateral Relations