China National Chemical Corp. said shareholders of Swiss agribusiness giant Syngenta AG accepted its takeover offer worth about $43 billion, paving the way for the completion of China's largest-ever foreign acquisition.
In a press release Friday, ChemChina said based on preliminary numbers, 80.7% of shares were tendered in favor of the acquisition, higher than the minimum acceptance rate of 67% needed for the deal to go through.
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ChemChina said the first payment settlement is scheduled for May 18, at which time Syngenta says ChemChina will take over control of the company.
ChemChina said it is moving to delist Syngenta's shares in Switzerland and the U.S. "as soon as permitted by law and applicable regulations."
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(END) Dow Jones Newswires
May 05, 2017 01:59 ET (05:59 GMT)