AFP, Shanghai :
China’s state-owned chemical corporation ChemChina has asked US anti-trust regulators to greenlight its $43 billion acquisition of Swiss seed giant Syngenta, a report said Friday.
China National Chemical Corp (ChemChina) has filed for approval from the Federal Trade Commission and the process is on track, Bloomberg News reported.
Winning the approval is a critical step towards wrapping up the biggest overseas takeover ever for a Chinese firm.
US regulators have been a stumbling block for other Chinese deals. In
December, American President Barack Obama blocked a Chinese company’s purchase
of German semiconductor equipment maker Aixtron over security concerns, resulting in the termination of the deal a few days later.
Bloomberg said the proposed deal, announced last February, has faced delays as competition authorities are concerned the acquisition might raise prices or reduce choice for crop-protection products sold to farmers, and ChemChina has extended its offer for Syngenta numerous times.
China’s state-owned chemical corporation ChemChina has asked US anti-trust regulators to greenlight its $43 billion acquisition of Swiss seed giant Syngenta, a report said Friday.
China National Chemical Corp (ChemChina) has filed for approval from the Federal Trade Commission and the process is on track, Bloomberg News reported.
Winning the approval is a critical step towards wrapping up the biggest overseas takeover ever for a Chinese firm.
US regulators have been a stumbling block for other Chinese deals. In
December, American President Barack Obama blocked a Chinese company’s purchase
of German semiconductor equipment maker Aixtron over security concerns, resulting in the termination of the deal a few days later.
Bloomberg said the proposed deal, announced last February, has faced delays as competition authorities are concerned the acquisition might raise prices or reduce choice for crop-protection products sold to farmers, and ChemChina has extended its offer for Syngenta numerous times.
