ChemChina extends public tender offers for Syngenta to Nov. 8

Photo: Reuters

ChemChina on Tuesday extended by almost two months the deadline for Syngenta investors to tender their shares as the Chinese company seeks to complete a $43 billion takeover of the Swiss pesticides and seeds group.

Investors in Basel-based Syngenta now have until Nov. 8 to tender their shares unless this is further extended, ChemChina said in a statement. The previous deadline, which had already been prolonged, was Sept. 13.

“All of the other terms and conditions of the tender offers remain unchanged and ChemChinacontinues to expect to conclude the transaction by the end of the year,” ChemChina said.

The companies are awaiting some regulatory approvals for the deal and need to keep thetender offer open during this period, a Syngenta spokeswoman said.

Syngenta stock had eased 0.1 percent to 432.30 Swiss francs by 0905 GMT, still below the offer price of $465 per share in cash plus a special dividend of five Swiss francs.

At current exchange rates, the offer is worth nearly 461 francs a share including the special dividend.

Clearance for the takeover last month from a U.S. national security panel removed significant uncertainty over the deal.

Several U.S. lawmakers and groups representing farmers had expressed fears over a Chinese state-owned company being in a position to influence the U.S. food supply.

The United States reviewed the deal because more than a quarter of the company’s seeds and crop protection revenue last year came from North America.

The current discount to the offer price, stemming from some uncertainty whether the deal will go ahead, has slowed down the tender process, one asset manager said.

Also read:

US watchdog clears ChemChina’s takeover of Syngenta, stock leaps

Syngenta says US talks over ChemChina bid ‘constructive’

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.