Chinese to take over Swiss Singenta for USD 43 billion

Chinese state-owned chemical corporation ChemChina offered USD 43 billion for the purchase of giant Swiss producer of pesticide -Singenta, which would be the biggest acquisition of a Chinese companies aboard ever.

Swiss firms headquartered in Basel recommended shareholders to accept cash offer of ChemChina which is equivalent to the amount of 480 Swiss francs (USD 482) per share, AP agency reports.

As France-Presse reported, Singenta management estimated that “proposed transaction respects the interest of all shareholders and that this job will “enable further expansion of company availability at markets in progress, especially in China”.

This acquisition would exceed the contract of Hong Kong-based Unicom on acquisition of Chinese Netcom group from 2008 totaling USD 28 billion, according to Bloomberg.