ChemChina Extends Public Tender Offers for Syngenta Until April 28, 2017
February 23 2017 - 2:55AM
Dow Jones News
By Joanne Chiu
China National Chemical Corp., or ChemChina, further extended
its $43 billion takeover offer for Swiss seed major Syngenta AG
(SYNN.EB) to April 28, as it continues to seek regulatory approval
for the deal.
"All of the other terms and conditions of the tender offers
remain unchanged," said the Chinese state-owned company in a
statement Thursday, without providing a reason for the
extension.
The decision marks the latest delay in the completion of the
deal as China has moved to step up scrutiny of overseas deals in a
bid to curb capital outflows. European regulators have also
requested additional information on the proposed deal in "the
context of industry consolidation," the company said in
October.
The takeover offer, which was announced in February 2016, was
previously extended to March 2, 2017, from January 5, 2017.
ChemChina said Thursday it expects extensions to occur until all
conditions to the tender offers are satisfied, including obtaining
all applicable regulatory approvals.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
February 23, 2017 02:40 ET (07:40 GMT)
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