MOSCOW (MRC) -- China National Chemical Corporation (ChemChina) has extended until April 28 its USD43 billion tender offer for Swiss pesticides and seeds group Syngenta, it said on Thursday, reported Reuters.
The offer had previously been set to expire on March 2.
"As previously stated, extensions to the tender offers are expected to occur until all conditions to the offers are satisfied, including obtaining all applicable regulatory approvals. All of the other terms and conditions of the tender offers remain unchanged," it said in a statement.
Syngenta said this month it expected the deal to close in the second quarter.
As MRC informed before, in August 2016, China Inc.’s global ambitions cleared a big hurdle after the U.S. national-security regulator approved China National Chemical Corp.’s planned takeover of Swiss seed giant Syngenta AG. The decision in favor of ChemChina came amid growing opposition to Chinese investment from Europe to Australia. When completed, it would be China’s largest overseas acquisition to date.
We also remind that in September 2016, ChemChina signed a memorandum of understanding (MoU) with Rosneft to acquire a majority stake in Far-East Petrochemical Company (FEPCO) project in Nakhodka, Russia. The complex will produce ethylene, propylene, benzene, and butadiene following the completion of the first two phases, and 50,000t a year of linear alpha-olefins. ChemChina and Rosneft also signed a heads-of-agreement, pursuant to which Rosneft will buy a 30% stake in the Chinese firm.
ChemChina produces special chemical materials, basic chemicals, oil refining, agricultural chemistry, rubber products, and chemical equipment.