China National Chemical Corp is seeking more time for the United States to complete a national security review of its planned takeover of Swiss chemical company Syngenta AG, according to people familiar with the matter. The companies resubmitted the $43 billion transaction to the government panel that reviews acquisitions of US businesses by foreign investors, said the people, who asked not to be named because the process is confidential…Full Article: China Daily June 2016
- ChemChina has refiled (date not given) its acquisition bid for Syngenta with The Committee on Foreign Investment in the United States (CFIUS). The CFIUS review process could take up to 75 days.
- On 17 May 2016, ChemChina announced it extended its tender offer to purchase Syngenta shares to from 23 May 2016 to 18 July 2016.
- On 16 May 2016, the U.S. Department of Agriculture (USDA) reportedly joined CFIUS to review the ChemChina-Syngenta deal.
- In February 2016, ChemChina announced it would acquire Syngenta for US$43 billion. However the deal would have to clear the CFIUS review process before the acquisition can be completed.
- In December 2015, ChemChina offered to buy 70% of Syngenta at 470 Swiss francs per share, with an option to acquire the other 30% at a later date. During the same month, Dow announced that it would merge with DuPont.
- In October 2015, Syngenta’s CEO quit and was provisionally replaced by the company’s CFO in the wake of the former’s refusal to consider Monsanto’s US$47 billion buy-out.
- In August 2015, Monsanto formally withdrew its takeover offer to Syngenta.
- In March 2015, ChemChina agreed to purchase a 26.2% stake in Italy’s Pirelli & C SpA (Milan based tire manufacturer) for US$7.7 billion.
- Founded in 2004 and headquartered in Beijing, ChemChina is China’s largest generic agricultural-chemical company. The company is the largest non-patented pesticide manufacturer of herbicides, insecticides, bactericides, plant growth regulators, more than 120 kinds of pesticides and over 800 preparations. ChemChina also manufactures animal nutrition products, rubber, and chemical fertilizers.