FTC Approves Proposed Acquisition Of Syngenta By ChemChina

(RTTNews) - China National Chemical Corp. or "ChemChina" and Swiss global agricultural company Syngenta AG (SYT) said Wednesday that they have received approval from the US Federal Trade Commission or FTC for the proposed acquisition of Syngenta by ChemChina. This represents a major step towards the closing of the transaction, which is expected to take place in the second quarter of 2017.

On Tuesday, the Federal Trade Commission said that ChemChina and Syngenta agreed to divest three types of pesticides, in order to settle Federal Trade Commission charges that their proposed merger would harm competition in several U.S. markets.

The proposed settlement requires ChemChina to sell all rights and assets of ADAMA's U.S. paraquat, abamectin and chlorothalonil crop protection businesses to California-based agrochemical company AMVAC.

It was in February 2016 that ChemChina offered to acquire the Swiss crop chemicals firm at a value of over $43 billion. The offer was $465 per ordinary share plus a special dividend of CHF 5.