Syngenta and ChemChina missed EU deadline over antitrust matters

Syngenta and China National Chemical Corporation (ChemChina) have not submitted to the EU Antitrust grant proposals to get the go-ahead to the acquisition of $ 43 billion of the Swiss group of agro-chemicals and the news has caused the collapse of Syngenta, at Zurich stock exchange the swiss company lost more than 9%.

European regulators have set an initial deadline for the merger probe for October 28 to decide whether to clear the deal unconditionally, or open an in-depth investigation which would last several more months. 

Last February 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.

Today Leandro Conti, a spokesman for Syngenta, has stressed on Bloomberg: "Constructive discussions with the EU are ongoing. Syngenta will issue an update on the progress of the ChemChina transaction with its third – quarter trading statement".