Deals
ChemChina Said to Improve Syngenta Bid in Two-Stage Takeover
- State-owned company said to raise bid to CHF470 per share
- ChemChina would acquire 70% of Syngenta with option for rest
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China National Chemical Corp. improved its offer to buy Syngenta AG, proposing a complex two-stage takeover that would mark the biggest-ever acquisition by a Chinese company, people with knowledge of the matter said.
ChemChina, as the state-owned company is known, offered to purchase 70 percent of Syngenta now, with an option to acquire the remaining 30 percent of the company at a later date, said the people, who asked not to be identified because the information is private. Basel-based Syngenta, the world’s largest pesticide maker, will hold a board meeting before the end of the year to vote on the deal, the people said. While talks are advanced, no agreement has been reached and there’s no guarantee a deal will be completed.