ChemChina has tendered about 95 per cent of the shares in Swiss seedmaker Syngenta, drawing closer to the finish line the $44bn deal that will transform China into an agrichemical powerhouse.
Announcing the definitive end results for its offer on the company, ChemChina said it planned to continue to buy shares in order to push its holdings above a required 98 per cent in Syngenta, at which point it can cancel outstanding shares.
The cross-border buyout, China’s largest to date, has dragged on since it was first announced in February last year, hitting several regulatory snags in Europe as well as concerns over ChemChina’s ability to pay for Syngenta.
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