Through the “$43 billion tender offer” of ChemChina to Syngenta, the former has gathered almost ninety five percent shares of the latter, being a “Swiss pesticides and seeds group”. However, the same marks the “biggest foreign takeover to date” of China.
While making announcement, the “National Chemical Corporation” China reported that “around 94.7 percent of shares had been tendered”. Moreover, there was a “re-affirmation” from ChemChina’s side as it requested “the cancellation” of Syngenta’s remaining shares in case the “98 percent threshold is exceeded”. Its statement said:
“To that end, it intends to acquire further shares through market purchases or in off-market transactions”.
In case ChemChina receives “less than 98 percent”, it has plans of carrying out a “squeeze-out merger” process.
References:
http://www.reuters.com
While making announcement, the “National Chemical Corporation” China reported that “around 94.7 percent of shares had been tendered”. Moreover, there was a “re-affirmation” from ChemChina’s side as it requested “the cancellation” of Syngenta’s remaining shares in case the “98 percent threshold is exceeded”. Its statement said:
“To that end, it intends to acquire further shares through market purchases or in off-market transactions”.
In case ChemChina receives “less than 98 percent”, it has plans of carrying out a “squeeze-out merger” process.
References:
http://www.reuters.com
