Syngenta Shares Climb as Committee on Foreign Investment Clears Takeover Hurdles

The agrochemical company got a boost from U.S. regulators Monday, making a proposed $43 billion takeover more feasible.

Author:: James Passeri
Publish date:: Aug 22, 2016 5:12 PM EDT

Shares of Swiss agrochemical company Syngenta (SYT) were higher Monday after China National Chemical (ChemChina) announced it has received approval by the Committee on Foreign Investment in the U.S. for its $43 billion takeover bid for Syngenta. The company said in a statement. that in addition to the most recent clearance, 'the closing of the transaction is subject to anti-trust review by numerous regulators around the world and other customary closing conditions.' Syngenta also noted that 'both companies are working closely with the regulatory agencies involved and discussions remain constructive.' The proposed takeover was first announced in February, and Syngenta shares are up more than 10 percent so far in 2016.

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