Syngenta to Sell Remedy Assets in the EEA in Relation to the ChemChina Acquisition
October 23 2017 - 6:00PM
Business Wire
Syngenta announced today that Adama Agricultural Solutions Ltd
("Adama") and Syngenta AG ("Syngenta") have entered into binding
agreement with Nufarm Limited (“Nufarm”) to sell a portfolio of
crop protection products for an agreed transaction value of USD 490
million. The combined portfolio of products being divested includes
off-patent crop protection formulations in the herbicides,
fungicides, insecticides and other categories in the EEA. No
physical assets (apart from inventory) or personnel will be
transferred as part of the transaction. Syngenta will also sell
inventory to Nufarm at closing of the transaction, which is
expected to occur in the first quarter of calendar year 2018.
The transaction was carried out in accordance with the
commitments given to the European Commission relating to
ChemChina’s acquisition of Syngenta, which was completed in May
2017. Completion of the transaction is subject to clearance by the
relevant European Competition authorities, as well as qualification
of Nufarm by the European Commission as a “suitable purchaser”, as
stipulated under the commitments. The disposal process has been
carried out under the supervision of Duff & Phelps in their
role as the monitoring trustee to the European Commission.
Rabobank is acting as exclusive financial advisor to Syngenta in
connection with this transaction.
About Syngenta
Syngenta is a leading agriculture company helping to improve
global food security by enabling millions of farmers to make better
use of available resources. Through world class science and
innovative crop solutions, our 28,000 people in over 90 countries
are working to transform how crops are grown. We are committed to
rescuing land from degradation, enhancing biodiversity and
revitalizing rural communities. To learn more visit
www.syngenta.com and www.goodgrowthplan.com. Follow us on Twitter®
at www.twitter.com/Syngenta.
Cautionary statement regarding forward-looking
statements
Some of the statements contained in this press release are
forward-looking statements. These statements are based on current
expectations, assumptions, estimates and projections, and involve
known and unknown risks, uncertainties and other factors that may
cause results, levels of activity, performance or achievements to
be materially different from any forward-looking statements. These
statements are generally identified by words or phrases such as
"believe", "anticipate", "expect", "intend", "plan", "will", "may",
"should", "estimate", "predict", "potential", "continue" or the
negative of such terms or other similar expressions. If underlying
assumptions prove inaccurate or unknown risks or uncertainties
materialize, actual results and the timing of events may differ
materially from the results and/or timing discussed in the
forward-looking statements, and you should not place undue reliance
on these statements. Syngenta disclaims any intent or obligation to
update any forward-looking statements as a result of developments
occurring after the period covered by this press release or
otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171023006466/en/
Syngenta International AGMedia
contacts:Leandro ContiSwitzerland +41 61323 2323orPaul
MinehartUSA +1 202 737
8913media.relations@syngenta.comorAnalyst/Investor
contacts:Andrew McConvilleSwitzerland +41 61 323 0618USA +1 202
737 6521
Syngenta (NYSE:SYT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Syngenta (NYSE:SYT)
Historical Stock Chart
From Sep 2023 to Sep 2024