ChemChina offers $43 billion deal to Syngenta

Scientists vs Public
Scientists vs Public (AP Photo/Rich Pedroncelli, File)

HONG KONG (AP) – A Chinese state-owned chemical maker is offering to buy Swiss pesticide giant Syngenta in a deal worth more than $43 billion.  It would be the biggest ever international takeover by a Chinese company.

Syngenta AG said Wednesday that its board is recommending shareholders accept the offer from China National Chemical Corp., also known as ChemChina.

Basel-based Syngenta said in a statement that Beijing-based ChemChina’s cash offer is worth the equivalent of 480 francs ($482) a share.

It’s the latest overseas investment by ChemChina, the country’s biggest chemical company.

Last month it bought German machinery maker KraussMaffei for about $1 billion. In March it bought Italian tire manufacturer Pirelli.

Sygenta agreed to the takeover bid after spurning a $46.5 billion offer last year from agricultural giant Monsanto.

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