The European Union (EU) regulators approved the creation of a joint venture between China National Chemical Corporation (ChemChina) and Japan-based Asahi Kasei Corporation (AKC) on Wednesday [2 August 2017], saying the case raised no competition concerns. The joint venture has no actual or foreseen activities in the European Economic Area as it is designed to be active in China, said the European Commission, the bloc’s executive arms which oversees competition policy, in a press release…Full Article: China Daily Aug 2017

Key Point

  • In February 2017, ChemChina (chemical products, pesticides and seeds) and Asahi Kasei Corporation (chemical products, fibers, electronics materials, modified polyphenylene ether or mPPE, etc.) signed a joint venture agreement.

ChinaAg Comments

  • In June 2017, ChemChina acquired 95% of Syngenta’s shares as part of a USD 43 billion takeover.
  • In April 2017, the EU formerly approved of ChemChina’s acquisition of Syngenta. At the time, it was reported that ChemChina expected to officially close its acquisition of Syngenta by June 2017. However, the US regulators required that ChemChina divest itself of three different types of pesticides [i.e. the herbicide paraquat, the insecticide abamectin, and the fungicide chlorothalonil].

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