ChemChina and Syngenta reach acquisition agreement

China National Chemical Corporation has announced that it has agreed to acquire the Swiss agrochemical and seeds company Syngenta by way of a public tender offer.
ChemChina and Syngenta have reached the acquisition agreement in which the Board of Directors of Syngenta AG unanimously recommends ChemChina’s offer to purchase 100% of Syngenta’s equity. The offer price is USD465 per share in cash. In addition, the offer will allow the payment of a special dividend of CHF5 payable immediately before closing, subject to the approval of Syngenta’s shareholders. The intended offer values Syngenta’s total outstanding share capital at USD43 billion. The acquisition is subject to anti-trust reviews and approvals from relevant countries.
Syngenta – a world leader in agrochemicals and a leading global player in seeds – is at the forefront of delivering on the sustainability and enhancement of food security in an increasingly interconnected global production chain through its commercial offers, The Good Growth Plan and the Syngenta Foundation for Sustainable Agriculture. ChemChina is committed to supporting Syngenta to further pursue these goals.
ChemChina is fully supportive of Syngenta’s intactness in its operations, management and employees, including keeping its headquarters in Basel, Switzerland. ChemChina will further maintain, promote and enhance Syngenta’s exemplary reputation by continuing to invest in its leading agricultural solutions and innovation capabilities. ChemChina will accelerate the implementation of Syngenta’s strategy while seeking to open new markets and opportunities for Syngenta’s next phase of growth and plans to relist Syngenta in a few years.
ChemChina is the ideal partner to accelerate Syngenta’s next phase of development in China and other emerging markets. In these markets, Syngenta’s seeds and crop protection products can enable farmers around the world to make better use of available resources to meet the growing demands of consumers globally.
Ren Jianxin, Chairman of ChemChina, stated: “We are delighted that our ‘friendly and cooperative’ principle has led to the agreement announced today. We will continue to work alongside the management and employees of Syngenta to maintain the company’s leading competitive edge in the global agricultural technology field.” He also added: “Our vision is not confined to our mutual interests, but will also respond to and maximize the interests of farmers and consumers around the world. We look forward to Michel Demaré remaining as Vice Chairman of Syngenta and lead independent director, and look forward to working with John Ramsay and the management and employees of Syngenta to deliver safe and reliable solutions for the continued growth in global food demand.”