Syngenta OKs Buyout By ChemChina
February 3, 2016 Syngenta company officials have announced ChemChina will be acquiring the corporation in a $43 billion cash offer.
The offer is equivalent to a Swiss franc value of CHF 480 per share. Syngenta shareholders will (in addition) receive the proposed ordinary dividend of CHF 11 in May. It is planned to make a facility available for the conversion of U.S. dollar sales proceeds into Swiss francs on closing.
Syngenta’s existing management will continue to run the company. After closing, a 10 member board of directors will be chaired by Ren Jianxin, chairman of ChemChina, and will include four of the existing Syngenta board members.
Syngenta will remain known as Syngenta and will continue to be headquartered in Switzerland.
The transaction will enable further expansion of Syngenta’s presence in emerging markets, notably China.
Back in May, Syngenta rejected a buyout bid from Monsanto, which was valued at about $45 billion. At the time, Syngenta noted that the offer fundamentally undervalued Syngenta’s standing and future growth prospects.
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