China Gives Nod to ChemChina Takeover of Syngenta

By Brian Spegele

BEIJING -- China National Chemical Corp. said China's Commerce Ministry approved its planned $43 billion takeover of Swiss agri-giant Syngenta AG, with the companies saying they plan to complete the deal in the second quarter.

The Chinese company, known as ChemChina, said the ministry's approval marked "an important step" toward completing the transaction. Syngenta confirmed the Chinese government's decision in a statement.

China Commerce Ministry couldn't immediately be reached late Wednesday. Earlier this month, the European Union also cleared the deal, on the condition that the company divests itself of parts of its European businesses for pesticides and other products.

Syngenta said Monday that Mexican regulators approved its acquisition by China National Chemical, removing yet another obstacle to the deal. U.S. authorities greenlighted the deal last week.

Syngenta's planned purchase by the state-owned Chinese firm is among transactions, including proposed mergers by Dow Chemical Co. and DuPont Co. and Bayer AG and Monsanto Co., that are driving consolidation in the global agrochemical market.

--Emre Peker contributed to this article.

Write to Brian Spegele at brian.spegele@wsj.com

(END) Dow Jones Newswires

April 12, 2017 10:09 ET (14:09 GMT)

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