China National Chemical won European Union antitrust approval for its $43 billion takeover of Swiss pesticide maker Syngenta, a day after the US gave its blessing, bringing China’s largest foreign acquisition closer to the finish line.
ChemChina’s offer to divest some pesticides and other agricultural products will remove “problematic overlaps” and allow the EU to clear the deal, the European Commission said in an emailed statement. EU Competition Commissioner Margrethe Vestager praised the companies for being “prepared to address our concerns” with the concessions, she said at a news conference, as she blocked another deal based on a proposed divestment that fell short.
The US required the companies to divest three types of pesticides as a condition for completing the deal. The companies expect to close the deal by the end of June. The transaction still needs approval from Chinese antitrust authorities.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
