Report: ChemChina Could Announces This Week Its $43 Billion Acquisition Of Syngenta

Shares of Syngenta AG (ADR) SYT spiked higher by nearly 7 percent early Tuesday morning following a report by Bloomberg that the company could be acquired by China National Chemical Corp. (also known as ChemChina) for 43.7 billion francs, or $42.8 billion this week. Bloomberg, citing "people familiar with the matter," reported that ChemChina could announce its acquisition of Syngenta as early as Wednesday when the Swiss-based agribusiness giant reports its earnings. Bloomberg added the acquisition price tag represents a 24 percent premium to Syngenta's closing price of 378.40 francs on February 1. Benzinga reported on December 9 that ChemChina was eyeing an acquisition of Syngenta. Bloomberg also reported in mid-January that a deal could be announced in early February.