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Chinese get US approval to acquire Syngenta

At a value of US$43bn (£33bn), it would be the largest acquisition of foreign company so far by a Chinese firm.

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Deal would be largest Chinese takeover of an overseas firm yet

Agricultural chemical and seeds group Syngenta Inc (NYSE:SYT) has moved closer to being taken over by Chinese firm ChemChina after US regulators gave the deal the green light.

Although a Swiss company, a big chunk of Syngenta’s business takes place in the US and it is New York-listed meaning clearance by the Committee on Foreign Investment in the United States (CIFUS) was required.

At a value of US$43bn (£33bn), it would be the largest acquisition of foreign company so far by a Chinese firm.

About a quarter of Syngenta's sales are in North America.

ChemChina still needs European Union and Australian approval to complete the deal, though the US was seen by analysts as the major hurdle.

Last year, Syngenta rejected an offer from rival Monsanto in a cash and shell deal worth around US$45bn at the time.

Quick facts: Syngenta AG (ADR)

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