New Competition: China Agrees $43-Billion Deal for Syngenta

New Competition China Agrees $43-Billion Deal for Syngenta

ChemChina is taking a major interest in Europe. On Wednesday the state-owned firm agreed to buy Swiss pesticides-maker Syngenta for $43 billion, pitting it against Bayer and BASF from Germany and U.S. firms Monsanto and Dow Chemical.
03.02.2016 - 16:37 Uhr
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China National Chemical Corporation has announced a takeover of the world’s largest pesticides maker, Swiss-based Syngenta, in what could be a record deal for the world's second-largest economy.

ChemChina, as the Chinese state-owned chemicals firm is known, offered $43 billion, or €39.4 billion, to buy Syngenta. The Basel-based chemicals firm supports the deal, the two companies said in a statement.

It comes less than one month after another major deal: In January, ChemChina agreed to buy German machine maker KraussMaffei for $1 billion, the biggest acquisition by a Chinese firm of a German company to date. ChemChina also bought Italian tire maker Pirelli last year and has bought businesses in France, Norway and the United Kingdom.

To read more, go to Handelsblatt Global Edition...

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