The proposed China National Chemical Corporation (ChemChina) US$43 billion acquisition of Syngenta has cleared another hurdle after the Mexican Federal Economic Competition Commission has approved the proposed deal.
The completion of the proposed agricultural mega-merger is edging closer still with today’s (April 10) announcement.
“ChemChina and Syngenta today announced that they have received approval from the Comisión Federal de Competencia Económica in Mexico (COFECE) for the proposed acquisition of Syngenta by ChemChina. This represents a further step towards the closing of the transaction, which is expected to take place in the second quarter of 2017,” says a Syngenta statement.
“The ChemChina-Syngenta transaction will ensure continued choice and ongoing innovation for growers around the world.”
Last week saw two big steps forward with EU and US regulatory approvals.
After initially saying the merger would harm competition in several US markets, the US Federal Trade Commission (FTC) issued preliminary approval on the grounds that the two companies agree to divest three products.
The European Commission also approved the proposed acquisition subject to the divestiture of ChemChina’s European pesticide and plant growth regulator business.