4/5/2017, 12:40 PM (Source: TeleTrader)
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EU approves ChemChina-Syngenta deal worth $43bn

The European Commission  granted approval on Wednesday for a merger between Swiss company Syngenta AG and Chinese governmentally-owned China National Chemical Corporation (ChemChina). The deal was cleared on condition it sells some of its European businesses in order to address competition concerns.

"It is important for European farmers and ultimately consumers that there will be effective competition in pesticide markets, also after ChemChina's acquisition of Syngenta," EU Competition Commissioner Margrethe Vestager said.

Earlier, ChemChina's acquisition of Syngenta was approved in the United States after the Chinese company agreed to sell a part of its pesticide assets to American Vanguard Corp.

ChemChina and Syngenta reached a merger agreement worth $43 billion in February 2016.

Baha Breaking News (BBN) / NP