China National Chemical Corporation (ChemChina), a State-owned chemical giant, officially launched its e-commerce platform on Sept 21 at the 15th China International Chemical Industry Fair, marking the establishment of the first chemical industrial e-commerce portal in the country…Full Article: ECNS.cn Sept 2016

Key Point

  • In June 2016, ChemChina launched a trial version of its e-commerce website, e-chemchina.com. The website, based on technology from Alibaba, sells more than 30 petrochemical products.

ChinaAg Comments

  • In September 2016, ChemChina announced it extended its tender offer to purchase Syngenta shares to from 13 September 2016 to 8 November 2016. In addition, Qin Zhongda,  China’s former Minister of Chemical Industry during the 1980s, headlined a letter of protest against the acquisition.
  • In August 2016, CFIUS approved of ChemChina’s acquisition of Syngenta.
  • In June 2016, ChemChina refiled (specific date not given) its acquisition bid for Syngenta with The Committee on Foreign Investment in the United States (CFIUS). The CFIUS review process can 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 March 2016, a Chinese-based letter of protest against the acquisition was delivered to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) [ChemChina is a member of the SASAC].
  • 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.

Similar Posts by ChinaAg

Spread the word. Share this post!