SYT Syngenta Ag (delisted)

By Kane Wu 

China National Chemical Corp. has extended the tender offer to buy shares of Swiss seeds giant Syngenta AG to November 8, the company said Tuesday.

The state-owned chemicals company, known as ChemChina announced its $43 billion takeover of Syngenta in February. ChemChina said 17.9 million shares had been tendered by holders as of September 2. It has extended the deadline for the tender offer once previously.

The deal is pending approval from the European Union, among other jurisdictions. ChemChina said it still plans to complete the Syngenta acquisition by the end of this year.

The deal cleared a big hurdle in August when it received approval from the Committee on Foreign Investment in the U.S. for the Syngenta acquisition.

The two companies agreed in February that ChemChina would acquire Syngenta for $465 a share, plus a special dividend of 5 Swiss francs ($5.10). a share to be paid immediately before the deal's closing.

The acquisition marked a bold move onto the global stage by ChemChina, whose ambitious founder and chairman, Ren Jianxin, has for years looked to raise its international profile. The company acquired Italian tire maker Pirelli & C SpA for around $7.7 billion last year.

Write to Kane Wu at Kane.Wu@wsj.com

(END) Dow Jones Newswires

September 06, 2016 05:14 ET (09:14 GMT)

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