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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DuPont de Nemours Inc | NYSE:DD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.56 | -0.72% | 77.75 | 79.00 | 77.155 | 78.96 | 3,207,413 | 00:21:48 |
By Brian Blackstone and Natalia Drozdiak
Syngenta AG and China National Chemical Corp. didn't submit proposed remedies to resolve potential antitrust concerns related to their planned merger by last Friday's deadline, an EU official said Monday, raising concerns about how quickly the deal would gain regulatory approval.
Shares in Syngenta were off 5.8% at 397.50 Swiss francs ($400.06) late Monday.
European regulators have set an initial deadline for the merger probe for Oct. 28 to decide whether to clear the deal unconditionally, or open an in-depth investigation, which would last several more months and likely lead the EU to demand concessions from the parties.
Swiss seed and pesticide maker Syngenta said Monday that "constructive" discussions with EU regulators over its proposed purchase by Chinese state-owned ChemChina are continuing and that an update would be issued by Syngenta on Tuesday, along with a third-quarter trading statement.
Syngenta has previously said the deal should close by the end of this year. Analysts at Baader Helvea Equity Research said the latest developments shouldn't derail the deal, though it could be delayed.
"Political intervention actions were always expected by us and therefore we have always stated that the guided closing at the end of 2016 seems ambitious to us," they said. "However, we do not think that the deal is at risk" and should close in the first half of next year, they said.
In February, Syngenta agreed to be acquired by ChemChina for $43 billion in cash. The deal faces regulatory reviews, particularly in regions with large agriculture sectors that include the EU, U.S. and Brazil.
The EU's review into the Syngenta-ChemChina deal comes as other rivals in the industry also plan to merge.
EU antitrust regulators have opened an in-depth investigation into the proposed merger of Dow Chemical Co. and DuPont Co., which could require the companies to make bigger concessions to clear their blockbuster deal. Meanwhile, Monsanto Co. recently agreed to sell itself to Bayer AG.
While antitrust lawyers have said the deal between Syngenta and ChemChina is fairly complementary and might be less problematic than the other deals, other issues might arise in the EU's merger review.
The EU is likely to examine whether other Chinese state-owned companies active in the agrochemical sector would have to be grouped in with ChemChina. If considered to be part of a wider group of companies, that could then increase the possibility of ChemChina's overlaps with Syngenta.
Write to Brian Blackstone at brian.blackstone@wsj.com and Natalia Drozdiak at natalia.drozdiak@wsj.com
(END) Dow Jones Newswires
October 25, 2016 02:48 ET (06:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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