Syngenta (SYT) Acquisition Gets A Green Light
Author By Sophia VidaPosted on The acquisition of Syngenta by ChemChina would be a record setting purchase, and it just inched a step forward to being possible.
ChemChina’s bid of $43 billion for Syngenta would be the priciest acquisition ever of a foreign company by a Chinese corporation.
The Committee on Foreign Investment in the U.S. (CFIUS), this federal regulator for mergers involving non-U.S. companies, has just granted its approval for the deal.
The CFIUS’ approval was essential but the deal must still be cleared by regulators in other countries and regions, most importantly the European Union.
Syngenta commented, “[b]oth companies are working closely with the regulatory agencies involved and discussions remain constructive.”
The acquisition is expected to close by the end of this year.
Shares of Syngenta soared more than 10% after the green light from CFIUS.
Disclaimer: We have no position in Syngenta AG (NYSE: SYT) and have not been compensated for this article.
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