Syngenta Shareholders Give ChemChina the Go-Ahead for Merger
ChemChina has won support from Syngenta shareholders in its $43 billion effort to buy Syngenta.
At the end of the Main Offer Period on May 4, preliminary numbers show around 80.7% of shares have been tendered, said officials for the companies. That meant the minimum acceptance rate of 67% of issued Syngenta shares has been met.
The deal represents a triumvirate of mergers in the agricultural chemical and seed area in the past couple of years. The others are Dow-DuPont and Bayer-Monsanto. Last October, Syngenta officials said regulatory and competitive pressures were forcing mergers. They enable firms to optimize research and development spending, they added.