According to Mike Verdin, reporting for Agrimoney.com, Syngenta has agreed to be acquired by ChemChina for $43 billion.
“Syngenta, thrown onto the defensive after fending off a bid from U.S. rival Monsanto last year, has agreed to a $43 billion bid from ChemChina, in what would be the biggest ever foreign takeover by a Chinese buyer.
“Swiss-based Syngenta, the world's biggest agrichemicals group, said that its board had unanimously agreed the cash offer by ChemChina — the Beijing-based chemicals giant which last year bought Italian tire maker Pirelli, and last month announced the purchase of German industrial machinery maker KraussMaffei Group.
“The bid, announced at $465 per share, plus a dividend of SFr5, values Syngenta at SFr480 a share — a little above the revised SFr470 a cash-and-shares offer which Monsanto submitted in mid-August, but which was pulled after the Swiss group failed to engage in takeover talks.
“Monsanto's withdrawal prompted a backlash from many Syngenta investors, provoking the Swiss group to announce asset sales and cash returns to shareholders in an effort to prop up its flagging shares, and heralding too the departure of Mike Mack as chief executive.
“Syngenta, which had warned that a merger with Monsanto bid was likely to require significant concessions to win antitrust clearance, said on Wednesday that, with the ChemChina deal, there was a strong commitment to pursue regulatory clearances.
“The Swiss group also confirmed that ‘there is committed financing for the deal,’ which is expected to close by the end of 2016.”
The full report can be found at http://www.agrimoney.com/news/syngenta-agrees-$43bn-takeover-by-chemchina--9258.html