ChemChina has filed for U.S. antitrust approval with the Federal Trade Commission for its proposed $43 billion takeover of Syngenta. Bloomberg reports ChemChina has submitted documentation required by U.S. law and expects the U.S. antitrust process to be “on track.” The Justice Department and the FTC typically have 30 days to clear a proposal or issue a second request asking for more information and a longer review period. The proposed transaction already has been cleared by a U.S. national security panel and won antitrust approval in Australia. The European Union is currently reviewing the deal and has until April 12th to discuss remedy proposals that have been submitted. A Syngenta spokesperson says both companies remain fully committed to the transaction and are confident of its closing.
From the National Association of Farm Broadcasting news service.