ChemChina Further Extends Deadline for Completion of $43bn Syngenta Deal
13 Jul 2016 --- China National Chemical Corp has further extended the deadline for the completion of its $43billion takeover of Switzerland's Syngenta until September.
The Chinese state-owned company, also known as ChemChina, announced that it had made an approach for Syngenta in February this year, in a deal that marks the biggest-ever overseas takeover by a Chinese company.
The deadline had previously been extended once until May 23 and then extended to July 18. It has now been pushed back to September 13, as the two companies look to be granted regulatory approvals.
"As previously stated, extensions to the tender offers are expected to occur until all conditions to the offers are satisfied, including obtaining all applicable regulatory approvals," ChemChina said in a statement.
"All of the other terms and conditions of the tender offers remain unchanged and ChemChina continues to expect to conclude the transaction by the end of the year."
Syngenta had rebuffed offers from US-rival Monsanto last year before accepting the ChemChina's offer.
The blockbuster takeover comes amid a wave of consolidation in the sector.
In December last year, Dow Chemical and DuPont agreed a $130bn merger while Monsanto recently rejected a $62bn offer from Bayer but said it was open to further discussions about a deal.
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