Today (April 10), Syngenta and ChemChina announced that the Comisión Federal de Competencia Económica in Mexico, also known as the Mexican competition authority, approved the proposed acquisition of Syngenta by ChemChina.
In a news release, Syngenta reported: “This represents a further step towards the closing of the transaction, which is expected to take place in the second quarter of 2017.”
This announcement comes on the heels of last week’s when the competition authorities in both the European Union and United States approved the acquisition.
However, Bloomberg Markets reports that ChemChina, formally known as China National Chemical Corporation, plans to redistribute agrochemical assets to its Adama unit once the Syngenta deal is complete. The reason: “to compensate the business for antitrust-related disposals.”
ChemChina acquired Makhteshim Agan, an Israeli crop protection company, in 2011, and it has since been rebranded as Adama. Since ChemChina’s acquisition, Adama has been joined by 25 other companies in the Americas, Asia and Europe through partnerships, acquisitions and organic expansion, according to the company.
Today, it boasts sales in about 100 countries and is focused on providing “growers with new and better solutions to protect their crops from weeds, insects and disease.”
Read Bloomberg’s article.
