May 31, 2017 / 5:31 AM / 4 months ago

ChemChina gets nearly 95 percent of Syngenta, seeks more

FILE PHOTO: The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo

ZURICH (Reuters) - ChemChina has accumulated nearly 95 percent of shares in Swiss pesticides and seeds group Syngenta as part of its $43 billion (33.5 billion pounds) tender offer, China’s biggest foreign takeover to date.

Announcing the definitive final results for the offer on Wednesday, China National Chemical Corporation said around 94.7 percent of shares had been tendered.

ChemChina re-affirmed its intention to request the cancellation of the remaining Syngenta shares if the 98 percent threshold is exceeded.

“To that end, it intends to acquire further shares through market purchases or in off-market transactions,” it said in a statement.

If it gets less than 98 percent, it plans to proceed to a squeeze-out merger.

Reporting by Michael Shields; Editing by Stephen Coates

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below