Syngenta, ChemChina One Step Closer to Sealing the Deal
May 05, 2017
May 05, 2017 by Sonja Begemann
Syngenta recently announced the provisional interim results for ChemChina’s acquisition offer. Preliminary numbers show 80.7% of shares tendered and provisional results suggest shareholders approve the deal. Minimum acceptance rate is 67% of shares to approve the offer and definitive notice of interim results will be announced May 10.
This puts the company one step closer to closing the deal with State-owned ChemChina. In February 2016 Syngenta accepted ChemChina’s $43 billion cash offer with a $15 per share bonus. Syngenta shares will be de-listed from the SIX, ADSs and from the NYSE when permitted by law and regulations.
The acquisition continues a trend of mergers in the crop industry. Other mergers underway include Dow/DuPont and Bayer/Monsanto. Recently Monsanto cancelled pending sale of Precision Planting to John Deere.