Switzerland: Biotech Transaction Acquisition of Syngenta by Chemchina Approved by US Watchdog
Chemchina and Syngenta announced that they have received approval from the US Federal Trade Commission (FTC) for the proposed acquisition of Syngenta by Chemchina.
Basel/Switzerland — The transaction with a value of $ 43 billion is expected to be closed in the second quarter of 2017. Under the terms of the agreement, the company headquarters will remain in Switzerland. Chemchina emphasised their commitment to Syngenta's strategy. The companies expect synergies such as significant additional growth potential in China.
The current management of Syngenta will continue to lead, according to the company. However after successful takeover, Chemchina’s Chairman of the Board of Directors, Ren Jianxin will also lead the Syngenta supervisory board.
The former company management also agrees with this development: “With this offer, Chemchina acknowledges the quality and the potential of the business of Syngenta. It includes cutting-edge research, development and production in our sector and the competences of our employees all over the world”, explained Michel Demaré, president of the Board of Directors at Syngenta.