Syngenta has announced that ChemChina has offered to acquire the company in a $43 billion deal expected to conclude by the end of the year. Syngenta’s existing management will continue to run the company and when the deal is complete a ten member Board of Directors will be chaired by Ren Jianxin, Chairman of ChemChina, and will include four of the existing Syngenta Board members.
“This offer fully values the quality of Syngenta, its business, our portfolio, our people and our market positions around the world,” said Davor Pisk, COO at Syngenta. “It underpins our current strategy and allows Syngenta to continue as a standalone company with very clear commitments to research and innovation to having a strong global presence.”
Pisk says it is particularly pleasing that grower choice will be preserved “at a time when we’re seeing a lot of consolidation, and it’s important I think that we preserve the maximum amount of dollars that are allocated for researching for new innovations and that we continue to provide maximum amount of choice to growers to help them deliver on the need for increasing productivity within continually stretched natural resources.”
ChemChina says they’ll keep a view on a potential IPO of the business in the years to come.
Syngenta is a leading agriculture company helping to improve global food security by enabling millions of farmers to make better use of available resources. Through world class science and innovative crop solutions, our 28,000 people in over 90 countries are working to transform how crops are grown. We are committed to rescuing land from degradation, enhancing biodiversity and revitalizing rural communities. To learn more visit www.syngenta.com and www.goodgrowthplan.com.
ChemChina, which is headquartered in Beijing, China, possesses production, R&D and marketing systems in 150 countries and regions. It is the largest chemical corporation in China, and occupies the 265th position among the Fortune 500. The company’s main businesses include materials science, life science, high-end manufacturing and basic chemicals, among others. Previously, ChemChina has successfully acquired 9 leading industrial companies in France, United Kingdom, Israel, Italy and Germany, etc. To learn more visit www.chemchina.com.