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ChemChina’s acquisition of Syngenta to be settled

On 5 May, 2017, China National Chemical Corporation (ChemChina) and Switzerland based Syngenta jointly announced the approval by the latter’s shareholders through voting about the acquisition conducted by the former at USD43 billion. “ChemChina has reduced the stake to be acquired, from 100% to 80%+,” reported a domestic source, “Whether the sum (= USD43 billion) has been decreased or not remains to be seen. ”


Reportedly, ChemChina and Syngenta reached an agreement to make the acquisition at a price of USD465/share, vs. a closing price of USD465.14/share on last Thursday. Regarding this, the 2 companies stated in the announcement, “When it was closed on 4 May, about 80.7% of the shares issued by Syngenta and the American Depository Share were involved in the effective bidding for this deal - this was just primary statistics. It indicates that the largest overseas acquisition in China so far is coming to an end.”


The acquisition went through lots of twists and turns from the 3 February, 2016 when the 2 companies signed an agreement to the day when they signed a tender offer. As a well-known agrochemical giant player in the world, Syngenta takes a leading position regarding either market share or technology. This was a factor causing risks of administrative check.


Fortunately, this deal was finally approved by the foreign (American, European and Mexican) supervision departments. On 12 April, 2017 when China announced the approval by the Ministry of Commerce, the deal was expected to be finished in Q2. Now the tend offer was signed, meaning that the acquisition would be completed as scheduled.


This deal is of great significance to both the domestic agrochemical market and the domestic capital market. For one thing, the acquisition enables ChemChina to become the world’s 3rd largest agrochemical giant and to rapidly penetrate into the international market, by giving full play to Syngenta’s advanced technologies and market resources. For another thing, the process during which ChemChina took measures to cope with the domestic and foreign administrative checks is a reference to the Chinese companies in their future M&A globewide.





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