ChemChina gets conditional US approval for Syngenta deal

ChemChina has received US antitrust approval to buy Switzerland's Syngenta on the condition that it divests three types of pesticides.

The Federal Trade Commission said on Tuesday that the proposed settlement requires that ChemChina sell all rights and assets of ADAMA's US paraquat, abamectin and chlorothalonil crop protection businesses to California-based agrochemical company AMVAC.

ChemChina and Syngenta said the FTC's approval "represents a major step toward the closing of the transaction", which is expected in the second quarter of this year.

The EU, which opened its own antitrust investigation on the $43bn deal, has until 18 April to issue its decision.

At 0852 BST, Syngenta shares were up 1.2% to CHF452.70.