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National & World Ag News Headlines |
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Syngenta Stocks Soar After U.S. Clearance on ChemChina Deal
USAgNet - 08/23/2016
A U.S. national security panel has cleared ChemChina's $43 billion takeover of Swiss pesticides and seeds group Syngenta, the companies said, boosting chances that the largest foreign acquisition ever by a Chinese company will go through. The decision
removes significant uncertainty over the takeover of the world's largest pesticides maker after the two companies agreed a deal in February.
Syngenta did not disclose whether it had made concessions to secure approval but indicated that any such steps would not have a significant impact on its business. Reuters reports that Syngenta shares jumped 11.2 percent by 0900 GMT to 423.4 Swiss francs
($439.7). ChemChina's $465 per share cash offer values the company at around 448 francs at current exchange rates plus a special five-franc dividend.
The statement made no mention of any concessions required to win clearance. Syngenta reiterated that is expected the deal to be finalised by the end of the year.
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