ChemChina wins EU approval for US$43 billion Syngenta deal

BRUSSELS/WASHINGTON (April 6): China National Chemical Corp. won European Union antitrust approval for its US$43 billion ($60.2 billion) takeover of Swiss pesticide maker Syngenta AG, a day after the US, bringing China’s largest foreign acquisition closer to the finish line.

The EU approval is conditional on ChemChina’s offer to divest "a significant part" of its Adama unit’s pesticide business, some generic pesticides the unit is developing, a plant growth regulator and some of Syngenta’s pesticides along with related assets and personnel, the European Commission said in an e-mailed statement. 

"In all product markets with problematic overlaps ChemChina will divest either Adama’s or Syngenta’s product," the EU said in the statement. "As a result the commission has approved the transaction."

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