Syngenta Shares Surge on Speculation of Chinese Offer

By John Revill

ZURICH--Syngenta AG shares surged Friday on speculation the Swiss pesticides maker could be the subject of a nearly $42 billion offer from China National Chemical Corp -- a deal that would represent one of the largest takeovers by a Chinese company for a European target.

Basel-based Syngenta rejected an initial offer that valued it at 449 Swiss francs per share, or 41.7 billion francs, according to reports in Bloomberg.

The report said the offer was rejected due to regulatory concerns by Syngenta's management. The two companies haven't broken off talks and an agreement could still be reached in the next few weeks, the report added.

Syngenta's management rejected a takeover approach by Monsanto Co. earlier this year. Monsanto's offer valued it at roughly $46 billion at the end of August.

Shares in Syngenta surged 7.8% in early trading in Switzerland to CHF372.6.

Syngenta and China National Chemical both declined to comment on Friday.

Write to John Revill at john.revill@dowjones.com

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November 13, 2015 04:50 ET (09:50 GMT)

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