EU delays Syngenta/Monsanto sunflower seed business deal decision

Date:09-06-2010

EU regulators have delayed until Nov. 25 a decision on whether to clear a $160 million bid by Syngenta for Monsantos global hybrid sunflower seed business after Syngenta offered remedies to ease competition concerns.

The European Commission, the competition watchdog in the 27-country European Union, had previously set an Oct. 26 deadline for a decision after opening an in-depth investigation in June citing concerns about the removal of a strong competitor.

The EU executive, which typically extends its review deadline when companies offer commitments, announced the extension on its website, but a spokeswoman declined to comment on Syngentas proposed remedies.

The worlds largest agrochemicals company also declined to comment on its commitments. "We are still confident of getting this through," Syngentas spokesman Medard Schoenemaeckers said.

Syngenta shares were up 1.4 percent at mid-session, outperforming a 0.6 percent higher Stoxx European 600 chemicals sector .SX4P.