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Syngenta Shares Tumble After EU’s Comment on ChemChina

October 24, 2016

A researcher checks on corn plants in a green house cultivating natural corn and genetically modified corn in Syngenta Biotech Center in BeijingA researcher checks on corn plants in a green house cultivating natural corn and genetically modified corn in Syngenta Biotech Center in Beijing
A researcher checks on corn plants in a green house cultivating natural corn and genetically modified corn in Syngenta Biotech Center in Beijing on Feb. 19, 2016. Kim Kyung Hoon — Reuters

Chinese state-owned chemical company ChemChina has not offered concessions over its $43 billion bid for Swiss pesticides and seeds group Syngenta, the European Commission said on Monday.

Syngenta (SYT) shares fell after the comments from the EU competition enforcer. They were down 7.6% at 390 Swiss francs in early trade.

The companies met with the EU antitrust authority a week ago in a bid to allay competition concerns about China’s largest-ever foreign investment. They had until Oct. 21 to do so.

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“No commitments,” Commission spokesman Ricardo Cardoso said in an email. This means either the Commission will clear the deal unconditionally or open a full investigation, a process can take up to five months.

Syngenta said discussions with the EU were ongoing and that it would issue an update on the progress of the ChemChina deal with its third quarter trading statement on Tuesday.