Published: Tue, December 22, 2015
Business | By Max Garcia

ChemChina Raises Its Takeover Offer For Syngenta

ChemChina Raises Its Takeover Offer For Syngenta

Syngenta is ready to discuss deals with anyone in the industry, including Monsanto, interim Chief Executive John Ramsay told Dow Jones earlier on Friday.

ChemChina offered about 470 Swiss francs per share for 70 percent of Syngenta. At that price, the company would have a market value of about 43.7 billion francs ($44 billion). The shares have risen 20 percent this year.

On the other hand, Syngenta is also in talks with Monsanto, even after it declined the latter's $46.6-billion takeover proposal. The sources stated that Monsanto is Reportedly, John Ramsay, the interim CEO of Agrochemicals company Syngenta AG said in an interview its ready to discuss deals with any company in the industry which also includes the biggest seed company in the world, Monsanto Co. Moreover, widespread rumors suggest that Syngenta is also in talks for a merger agreement with Dow Chemical Co. The potential deal would be the largest-ever acquisition by a Chinese company. That deal may trigger a wave of consolidation in the industry as competitors dash to reposition themselves.

The framework of the new offer allows ChemChina to integrate with Syngenta's businesses before taking over complete control of the company, Bloomberg said.

holding internal discussions for a new bid to acquire Syngenta.

In August, Monsanto, had withdrawn a proposal to take over Syngenta. Lack of seed technology is a key reason that China's corn yields are half those in the USA, said Jason Miner, an analyst at Bloomberg Intelligence.

Syngenta and ChemChina were not immediately available for comment.

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