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Syngenta says ChemChina deal taking a bit longer

 

syngenta-panel

Syngenta’s Vern Hawkins, Ponsi Trivisvavet, Jay Bradshaw at 2016 Syngenta Media Summit

Syngenta says ChemChina’s purchase of the company should be completed in the first quarter of 2017 instead of the end of this year.

Vern Hawkins, Syngenta crop protection president, tells Brownfield Ag News what’s happening now is the normal antitrust review process,“Several countries have completed that process and have been approved. The EU and the US are still completing it. So, we’re not worried that it’ll be a problem but it’s going to take a little bit longer to answer all the questions that the Federal Trade Commission, Department of Justice, those kind of people that are involved, are asking.” He says the security approval the deal gained in August from the Commission on Foreign Trade is a process unique to the U.S.

Hawkins tells Brownfield there is no truth to the rumor that ChemChina is merging with another state owned Chinese company Sinochem.  He says the EU is looking closely at the ChemChina owned ADAMA which is similar to Syngenta but says there is NO intent to overlap them.

Because the ChemChina/Syngenta deal is largely a shareholder transaction, instead of two companies merging – as in the case of Monsanto and Bayer and Dow and DuPont, Hawkins says the deal has fewer hurdles. And, he says farmers can be assured that Syngenta will remain Syngenta.

 

 

 

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