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U.S. Watchdog Officially Clears ChemChina’s Takeover of Syngenta

Syngenta AG Full Year Results News Conference As ChemChina Agrees To Record $43 Billion DealSyngenta AG Full Year Results News Conference As ChemChina Agrees To Record $43 Billion Deal
Ren Jianxin, chairman of China National Chemical Corp., left, with Michel Demare, chairman of Syngenta AG, at a news conference to announce the ChemChina deal, in Basel, Switzerland, on Feb. 3, 2016. Luke MacGregor — Bloomberg via Getty Images

A U.S. regulator has cleared ChemChina’s blockbuster takeover of Swiss pesticides and seeds group Syngenta, the companies said on Monday.

“China National Chemical Corporation (ChemChina) and Syngenta today announced that the companies have received clearance on their proposed transaction from the Committee on Foreign Investment in the United States (CFIUS),” a joint statement released by Syngenta said.

“In addition to CFIUS clearance, the closing of the transaction is subject to anti-trust review by numerous regulators around the world and other customary closing conditions. Both companies are working closely with the regulatory agencies involved and discussions remain constructive.

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“The proposed transaction is expected to close by the end of the year.”

Syngenta had said in July it expected the deal to close this year despite concerns that U.S. regulators could throw a spanner in the works.