ChemChina and Syngenta receive clearance from US Committee on Foreign Investment (CFIUS)
ChemChina, China National Chemical Corporation and Swiss Syngenta announced that the companies have received clearance on their proposed transaction from the Committee on Foreign Investment in the United States (CFIUS)
This move of CFIUS is clearing a major obstacle for the merger, even more so as prominent U.S. politicians were voicing their concern and opted to withstand the transaction.
In addition to CFIUS clearance, the closing of the transaction is subject to anti-trust review by numerous regulators around the world and other customary closing conditions. Both companies are working closely with the regulatory agencies involved and discussions remain constructive.
The proposed transaction is expected to close by the end of the year.
Syngenta is a leading agriculture company helping to improve global food security by enabling millions of farmers to make better use of available resources. Through world class science and innovative crop solutions, our 28000 people in over 90 countries are working to transform how crops are grown. We are committed to rescuing land from degradation, enhancing biodiversity and revitalizing rural communities.
ChemChina, which is headquartered in Beijing, China, possesses production, R&D and marketing systems in 150 countries and regions. It is the largest chemical corporation in China, and occupies the 234th position among the Fortune 500. The company’s main businesses include materials science, life science, high-end manufacturing and basic chemicals, among others. Previously, ChemChina has successfully acquired nine leading industrial companies in France, the United Kingdom, Israel, Italy, Germany and other countries.
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