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    A general view shows a building of the China National Chemical Corp., also known as ChemChina, in Beijing on February 3, 2016

    US Security Regulator Approves Chinese ChemChina's Purchase of Swiss Syngenta

    © AFP 2019 / FRED DUFOUR
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    Two companies said in a joint statement that US Committee on Foreign Investment (CFIUS) approved the purchase of Swiss chemical company Syngenta AG by Chinese state-owned chemical company China National Chemical Corporation.

    MOSCOW, (Sputnik) US Committee on Foreign Investment (CFIUS) approved the purchase of Swiss chemical company Syngenta AG by Chinese state-owned chemical company China National Chemical Corporation (ChemChina), the two companies said in a joint statement on Monday.

    "China National Chemical Corporation (ChemChina) and Syngenta today announced that the companies have received clearance on their proposed transaction from the Committee on Foreign Investment in the United States (CFIUS)," the statement reads.

    In February 2016, ChemChina has made a proposal for the acquisition of Syngenta AG at a price of over $43 billion.

    The companies noted that "closing of the transaction is subject to anti-trust review by numerous regulators around the world and other customary closing conditions."

    Swiss Syngenta is one of the world's leading agricultural companies. In 2015, US agrochemical and seed producer Monsanto unsuccessfully attempted to acquire its Swiss rival for $46 billion.

    ChemChina is the largest Chinese state-owned company that specializes in production of traditional chemicals and advanced materials.

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