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    ChemChina in talks to buy Syngenta

    (Agencies) Updated: 2015-11-14 11:21

    ChemChina in talks to buy Syngenta

    View of the stand of China National Chemical Corp (ChemChina) during an exhibition in Shanghai, China, November 4, 2010. [Photo/IC]

    China National Chemical Corp is in talks to buy Swiss pesticide maker Syngenta AG in what would be the largest acquisition by a Chinese company of a European target, people with knowledge of the matter said.

    The State-owned ChemChina offered about 449 Swiss francs ($448) a share, which values Syngenta at about 41.7 billion francs, said one of the people, who asked not to be identified because the information is private.

    Syngenta, which has a market value of about $32 billion, rejected that offer citing regulatory risk, the person said.

    While a deal is not imminent, the two sides are still talking and an agreement could be reached in the next few weeks, said the person. Syngenta, the world's largest pesticide producer, is also talking with other potential suitors as it explores options, the person said.

    Talks may fall apart and Syngenta may decide to stay independent or seek acquisitions of its own.

    ChemChina said it could not immediately comment in an e-mail response to questions. Syngenta representatives did not respond to requests for comment. Syngenta's American Depositary Receipts jumped as much as 16 percent in after-hours trading in New York.

    In March, ChemChina agreed to buy a 26.2 percent stake in Pirelli & C SpA from the Italian tiremaker's largest shareholder in a deal that valued the target at about $7.7 billion. ChemChina and other buyers then made a public tender offer for the rest of the company, a deal that closed this month.

    President Xi Jinping is trying to boost agricultural output to maintain self-sufficiency as a growing middle class consumes more grain-intensive meat. The World Bank estimates that China's arable land declined 6 percent in the last decade as economic growth boomed.

    In May, Xi gave farmers more rights to help keep them on the land and increase production. The same month, he called for the country to take the lead in development of genetically modified organisms, or GMOs, such as the herbicide-tolerant crops developed by Syngenta.

    Last month, Syngenta named Chief Financial Officer John Ramsay as provisional chief executive officer to replace Mike Mack, who quit. Mack faced shareholder criticism after he refused to engage in talks with Monsanto Co over its $47 billion takeover approach.

    Monsanto initially offered to buy Syngenta earlier this year for 449 francs a share, the same price offered by ChemChina.

    In August, Monsanto raised its cash-and-stock offer to 470 francs.

    Syngenta rejected the bids for being too low and failing to recognize fully its prospects and the threat of antitrust hurdles.

    Monsanto, the world's largest seed producer, withdrew its offer on Aug 26 and has said it plans to seek acquisitions elsewhere.

    Syngenta makes agricultural pesticides, including chemicals that kill weeds and bugs. The prospect of a Monsanto-Syngenta combination has triggered deal talks among the world's top producers of pesticides and seeds, the CEOs of Dow Chemical Co and DuPont Co said last month.

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