Chinese close in on $43bn deal for Syngenta
Crop protection business Syngenta, which employs 106 people at its Cambridge research hothouse, could be close to being sold to the Chinese for $43 billion cash.
Anchored in the Cambridge UK science & technology cluster at Capital Park in Fulbourn, Swiss-owned Syngenta is said to be in the throes of a sale to China National Chemical Corp.
The state-owned Chinese corporation’s interest was piqued when Monsanta, which also has major operations in Cambridge – at Cambourne Business Park – courted Syngenta investors with a $46bn cash and stock offer, which fell away last August.
At the time of writing, a potential deal with China National Chemical Corp (ChemChina) was said to be close. If successful it would be the largest foreign acquisition by a Chinese company. It would also represent the latest deal in a rapidly shrinking global market as rivals become subsumed by the corporations with the biggest war chests.
Syngenta said at the time of the Monsanta bid that it was talking to a number of parties about a possible takeover and ChemChina has been flexing its financial muscle in the sector – not least through its recent $1bn acquisition of German equipment maker KraussMaffei Group.