Deals
Syngenta Rises as ChemChina Said to Improve Takeover Offer
- 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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Syngenta AG shares advanced after China National Chemical Corp. was said to raise its takeover offer for the Swiss pesticide and seeds maker, proposing a two-stage acquisition that would mark the biggest-ever purchase by a Chinese company.
ChemChina, as the state-owned company is known, offered to buy 70 percent of Syngenta now, with an option to acquire the remaining 30 percent, people with knowledge of the matter said last week. Basel-based Syngenta 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.