Mexican Competition Authority Gives ChemChina Syngenta Deal the Nod

10 Apr 2017 --- Following on from last week’s approval from US antitrust regulators, ChemChina and Syngenta have also been given the nod from the Federal Economic Competition Commission of Mexico.

The US$43 billion merger is edging closer still now it has the preliminary go-ahead from the US Federal Trade Commission (FTC) for the proposed acquisition of Swiss giants Syngenta by ChemChina - and now the approval from the Comisión Federal de Competencia Económica.

ChemChina and Syngenta today announced that they have received approval from the Comisión Federal de Competencia Económica in Mexico (COFECE) for the proposed acquisition of Syngenta by ChemChina. This represents a further step towards the closing of the transaction, which is expected to take place in the second quarter of 2017,” says a statement.

“The ChemChina-Syngenta transaction will ensure continued choice and ongoing innovation for growers around the world.”

Last week, FoodIngredientsFirst reported how the US Federal Commission (FTC) had some conditions including the herbicide paraquat, which is used to clear fields prior to the growing season; the insecticide abamectin, which protects primarily citrus and tree nut crops by killing mites, psyllid, and leafminers; and the fungicide chlorothalonil, which is used mainly to protect peanuts and potatoes.

The condition to divest these products to allay competition concerns was accepted by both companies.