China’s state owned chemical corporation ChemChina has agreed a £30 billion ($43 billion) takeover bid for global seeds and crop protection group Syngenta.
ChemChina announced this morning (February 3) it had agreed to acquire the Swiss-based company through public tender. Syngenta’s board has recommended ChemChina’s offer to purchase 100 per cent of Syngenta’s equity.
The deal would be the largest foreign purchase by a Chinese company.
John Ramsay, CEO of Syngenta stated: "Syngenta is a world leader in crop protection and this deal will enable us to maintain and expand this position, while at the same time significantly increasing the potential for our seeds business.
"It will best ensure continuing choice for growers and ongoing research and development investment across technology platforms and across crops. Our commitment to cost and capital efficiency will remain unchanged."
Announcing the offer, ChemChina said it was the ideal partner to accelerate Syngenta’s next phase of development within the country and other emerging markets.