Bloomberg Reports Syngenta-ChemChina Closer To Reality; Furthering Original Benzinga Report
Benzinga reported in early December that the Chinese state-owned chemical company China National Chemical Corp, also known as ChemChina, was in talks to acquire Syngenta AG (ADR) (NYSE: SYT), a Switzerland-based agribusiness for $44 billion.
As of Friday afternoon, Syngenta was trading with a market cap of $34.23 billion.
Bloomberg: Deal Could Be Reached By Early February
Bloomberg reported on Thursday that ChemChina has "moved one step closer" toward acquiring Syngenta in what could prove to be the largest purchase by a Chinese company.
Bloomberg, citing "people familiar with the matter," added that Syngenta's board of directors recently gathered and voted in favor of holding "advanced takeover talks." The source also suggested that the value of any potential deal could be around $43.8 billion.
Shares of Syngenta were trading higher by 1.86 percent at $75.45 heading into the final hour of trading on Friday.
Image Credit: "Competition time, Cereals, Vine Farm, Wendy - geograph.org.uk - 1356637" by Michael Trolove. Licensed under CC BY-SA 2.0 via Wikimedia Commons.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.