ChemChina seeks U.S. anti-trust approval for Syngenta deal
Reuters
Published Jan 20, 2017 09:07
ChemChina seeks U.S. anti-trust approval for Syngenta deal
BEIJING (Reuters) - China National Chemical Corp, or ChemChina, said on Friday it has sought the U.S. anti-trust regulator's approval for its planned $43 billion (34.8 billion pounds) acquisition of Swiss crop protection and seed group Syngenta AG (SIX:SYNN).
"We have filed an HSR Act with the FTC after good communications with the case team. We believe the U.S. anti-trust process is on track," ChemChina said in an email, referring to the U.S. anti-trust Hart-Scott-Rodino Act and the Federal Trade Commission, which oversees mergers.
Sources close to the deal expected an approval soon, given the small revenue that ChemChina generates from the U.S. via Adama, a maker of generic versions of pesticides without patent protection, and its minor overlap with Syngenta products.
The deal has already won approvals from regulators in several markets, including a U.S. national security panel and Australia's competition watchdog.
Earlier this month, companies proposed minor concessions to the European Commission's competition watchdog with one source close to the deal estimating the overall divestment from Adama at less than $500 million.
Recently, the EU Commission extended the deal review to April 12, and a top Syngenta executive said earlier this week that it was "highly optimistic that by the date we will have made sufficient progress in the U.S. and EU to be going forward".
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Written By: Reuters
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