Another extension needed for ChemChina's acquisition of Syngenta

Date:02-24-2017

China National Chemical Corp., or ChemChina, further extended its $43 billion takeover offer for Swiss seed major Syngenta AG (SYNN.EB) to April 28, as it continues to seek regulatory approval for the deal.

"All of the other terms and conditions of the tender offers remain unchanged," said the Chinese state-owned company in a statement Thursday, without providing a reason for the extension.

The decision marks the latest delay in the completion of the deal as China has moved to step up scrutiny of overseas deals in a bid to curb capital outflows. European regulators have also requested additional information on the proposed deal in "the context of industry consolidation," the company said in October.

The takeover offer, which was announced in February 2016, was previously extended to March 2, 2017, from January 5, 2017.

ChemChina said Thursday it expects extensions to occur until all conditions to the tender offers are satisfied, including obtaining all applicable regulatory approvals.