The chief operating officer of Swiss-based Syngenta company has confirmed the offer by ChemChina to purchase 100 percent of Syngenta shares.
Davor Pisk tells reporters the board of directors of Syngenta is unanimously recommending the deal to shareholders—a more than $43 billion cash offer.
Davor told reporters, “It underpins our current strategy and allows Syngenta to continue as a stand-alone company with very clear commitments to research and innovation.”
When asked about Monsanto’s attempts to buy Syngenta last year, Pisk points out there was never an offer and that there were too many potential hurdles if there had been. Plus, he says, such a deal would have been negative for growers, “I think with a merger between Monsanto and Syngenta you would have had one less player in an industry that is already now getting further concentrated following the Dow and DuPont announcement.”
The offer by ChemChina, a state-owned company in China, must be approved by two-thirds of Syngenta shareholders and then receive regulatory approval to go through.
Source: www.brownfieldagnews.com