The approval removes a major potential hurdle for a deal that would be China’s biggest overseas purchase of all time
From Caixin Online
(Beijing) – China National Chemical Corp., also known as ChemChina, said the U.S. national security regulator has cleared its US$ 43 billion acquisition of Swiss agrochemicals giant Syngenta AG, removing a potential obstacle for China’s biggest-ever purchase of a foreign company.
China’s largest pesticide producer said on August 22 that the acquisition was approved by the Committee on Foreign Investment in the United States (CFIUS), an interagency committee that reviews cross-border deals for national security risk. The Swiss pesticide and seed company generates about one-quarter of its sales in North America, according to the company.
The acquisition is still subject to anti-trust reviews in the United States and Switzerland, ChemChina said.
ChemChina first announced its plan to purchase Syngenta in February. The deal is expected to be completed by the end of this year.
Shares of the Syngenta jumped 11.7 percent during the trading day after the announcement.
Contact reporter Chen Na (firstname.lastname@example.org); editor Doug Young (email@example.com)
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