China’s National Chemical Corporation and Syngenta submitted formal remedies to the European Union this week in an attempt to win approval by regulators of ChemChina’s planned $43 billion takeover of Syngenta. The companies submitted their comments on Monday and regulators have until Thursday to make a decision. The EU began its review back in October, citing concerns about overlapping portfolios of crop protection products between Syngenta and an Israeli company also controlled by ChemChina. Dow Chemical and DuPont Company also went before regulators this week to plead their case for their planned $60 billion merger. European Union regulators have concerns about what the merger will mean in terms of reducing research and development spending on agrochemicals. If that concern is merited, it could reduce innovation in an industry that’s absolutely critical to global food production. The Monday hearing was the last chance for the companies to make their case before regulators decide whether or not to approve the agreement. Dow and DuPont made an offer last July that regulators said left them in serious doubts about the deal being approved. The companies still have time to make another offer to alleviate EU concerns.
From the National Association of Farm Broadcasting news service.