February 25, 2016
Chinese investment firm in talks to join ChemChina''s purchase of Syngenta
Advanced talks are ongoing for China Reform Holdings Corp to participate in the landmark US$43 billion acquisition of Syngenta AG by China National Chemical Corp (ChemChina).
The latter is an investment company that focuses on revamping national enterprises.
Several other investors are also involved in the talks while organisations- supported by the Chinese government- and foreign sovereign funds are keen to be a part of the deal, according to one source with knowledge to the matter.
ChemChina apparently has "many" offers to engineer the acquisition of Syngenta, Ren Jiaxin, the company''s chairman claimed, with requests coming from equity investors and banks.
When concluded, the deal would be the biggest takeover by a Chinese firm, rendering ChemChina as the world''s largest supplier of pesticides and agrochemicals.
This development is unfolding against the backdrop of China''s aspiration to improve state enterprises and boosting their competitiveness in the global market.
The country''s State-owned Assets Supervision and Administration Commission- which controls the biggest national enterprises- established China Reform in 2010.
- Bloomberg