ChemChina Wins EU, US Nods for Syngenta Takeover

by eggplant in BFI

China National Chemical Corp(ChemChina) won the European Union’s antitrust approval for its USD43 billion takeover of Swiss pesticide maker Syngenta AG, a day after the US gave its blessing, bringing China’s largest foreign acquisition closer to the finish line. ChemChina’s offer to divest some pesticides and other agricultural products will remove “problematic overlaps” and allow EU regulators to clear the deal, the European Commission said in an emailed statement. The takeover, announced a year ago, is one of a trio of megadeals that would reshape the global agrochemicals industry. If the deal is completed, ChemChina Chairman RenJianxin would become the head of a chemicals giant that sells products as varied as rubber tires, pesticides and genetically modified crop seeds.

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