Syngenta, ChemChina Seek 10 Day Extension of EU Antitrust Review
January 03 2017 - 1:20PM
Dow Jones News
By Brian Blackstone
ZURICH--Syngenta AG (SYT, SYNN.EB) and ChemChina have requested
an additional 10-day extension of the European Union's antitrust
review period until April 12 in order to discuss remedy options
over ChemChina's proposed acquisition of the Swiss seed and
pesticide maker, Syngenta said in a statement Tuesday.
"The extension is to allow sufficient time for the discussion of
remedy proposals," Syngenta said. "The standard timeline for a
Phase II review is 90 working days with a possible extension of 20
working days; with today's announcement, the full 20 days has been
granted."
"ChemChina and Syngenta remain fully committed to the
transaction and are confident of its closure," Syngenta said.
In October, Syngenta said that regulatory approval of its
proposed acquisition by China National Chemical Corp.--ChemChina's
formal name--was likely to be delayed into the first quarter of
2017. The companies had previously expected the deal to close by
the end of 2016.
Last February, Syngenta agreed to be acquired by ChemChina for
$43 billion in cash.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
January 03, 2017 13:05 ET (18:05 GMT)
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