ChemChina and Syngenta get clearance for takeover

China National Chemical Corporation (ChemChina) and Syngenta announced that they had received clearance on their proposed transaction from the Committee on Foreign Investment in the United States (CFIUS).

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In February 2016, ChemChina made a US$43 billion bid for a Syngenta takeover.

“[Syngenta’s] board of directors considers that the proposed transaction respects the interests of all stakeholders and is unanimously recommending the offer to shareholders,” a Syngenta press release in February read.

The finalising of the transaction was subject to an anti-trust review by numerous, worldwide regulators and other customary closing conditions, a Syngenta press release said.

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According to the release, the transaction was expected to be finalised by the end of the year.

The takeover offer was $465/share, plus a special dividend of five Swiss francs.

Syngenta chairperson, Michel Demaré, said in an earlier release that the company name would remain Syngenta, and that its headquarters would remain in Basel, Switzerland.