Syngenta Shareholders Accept ChemChina's $43 Billion Takeover Offer
May 05 2017 - 2:14AM
Dow Jones News
By Brian Spegele
BEIJING--China National Chemical Corp. said shareholders of
Swiss agribusiness giant Syngenta AG accepted its takeover offer
worth about $43 billion, paving the way for the completion of
China's largest-ever foreign acquisition.
In a press release Friday, ChemChina said based on preliminary
numbers, 80.7% of shares were tendered in favor of the acquisition,
higher than the minimum acceptance rate of 67% needed for the deal
to go through.
ChemChina said the first payment settlement is scheduled for May
18, at which time Syngenta says ChemChina will take over control of
the company.
ChemChina said it is moving to delist Syngenta's shares in
Switzerland and the U.S. "as soon as permitted by law and
applicable regulations."
Write to Brian Spegele at brian.spegele@wsj.com
(END) Dow Jones Newswires
May 05, 2017 01:59 ET (05:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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