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.
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