Syngenta surges as US watchdog clears ChemChina takeover

Swiss agriculture company Syngenta surged on Monday after the US-based Committee on Foreign Investment in the US (CFIUS) cleared ChemChina’s planned $43bn takeover of the group.

The companies announced the news on Monday, adding that the closing of the deal was also subject to anti-trust review by a number of regulators around the world, as well as other customary closing conditions.

“Both companies are working closely with the regulatory agencies involved and discussions remain constructive.”

The proposed deal is expected to close by the end of the year.

The companies agreed a deal back in February, with ChemChina offering to buy Syngenta for $465 a share plus a special dividend of CHF5.

At 0905 BST, Syngenta shares were up 11.5% to CHF424.50.