ChemChina has won enough support from Syngenta shareholders to clinch its $43 billion takeover of Syngenta, the two companies announced.
At the end of the Main Offer Period on May 4, based on preliminary numbers, around 80.7 percent of shares have been tendered. Subject to confirmation in the definitive notice of interim results scheduled for May 10, the Minimum Acceptance Rate condition of 67 percent of issued Syngenta shares has been met.
The deal, announced in February 2016, was prompted by China's desire to use Syngenta's portfolio of top-tier chemicals and patent-protected seeds to improve domestic agricultural output. It is China's biggest foreign takeover to date.
At the end of the Main Offer Period on May 4, based on preliminary numbers, around 80.7 percent of shares have been tendered. Subject to confirmation in the definitive notice of interim results scheduled for May 10, the Minimum Acceptance Rate condition of 67 percent of issued Syngenta shares has been met.
The deal, announced in February 2016, was prompted by China's desire to use Syngenta's portfolio of top-tier chemicals and patent-protected seeds to improve domestic agricultural output. It is China's biggest foreign takeover to date.
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