Syngenta (SYT) Stock Gains After Rejecting $42 Billion Chinese Offer
NEW YORK (TheStreet) -- Syngenta (SYT) stock is rising 6.62% to $73.73 in early morning trading after the company reportedly rejected a $42 billion offer from state-owned China National Chemical Corp., according to Bloomberg.
The Swiss agribusiness considered the price too low, just a few months after rejecting a $46 billion offer from Monsanto Co. (MON), sources told Bloomberg.
The company is also concerned about regulatory hurdles related to the offer that has led to further talks between the companies.
"A combination with ChemChina arguably would face fewer anti-trust hurdles" than a merger with St. Louis-based Monsanto, Liberum Capital said in an analysts note, Bloomberg reports.
Talks are expected to continue over the next few weeks, but there is no guarantee that a deal will be reached.
Syngenta is also considering other buyers as well as making its own acquisitions, Bloomberg added.
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