MOSCOW (MRC) -- China National Chemical Corp., known as ChemChina, said shareholders of Swiss agribusiness giant Syngenta AG accepted its takeover offer worth about USD43 billion, paving the way for the completion of China's largest-ever foreign acquisition, as per FOXBusiness.
In a press release Friday, ChemChina said based on preliminary numbers, 80.7% of shares were tendered in favor of the acquisition, higher than the minimum acceptance rate of 67% needed for the deal to go through.
ChemChina said the first payment settlement is scheduled for May 18, at which time Syngenta says ChemChina will take over control of the company.
ChemChina said it is moving to delist Syngenta's shares in Switzerland and the U.S. "as soon as permitted by law and applicable regulations."
As MRC informed before, in mid-April 2017, ChemChina and Syngenta announced that they had received approval from the Ministry of Commerce of the People’s Republic of China for the proposed acquisition of Syngenta by ChemChina - at USD43 billion, it's the largest foreign acquisition by a Chinese company. A bit earlier, the U.S. and European Union competition authorities gave conditional approval of the deal.
ChemChina produces special chemical materials, basic chemicals, oil refining, agricultural chemistry, rubber products, and chemical equipment.
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