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ChemChina deal on track to close by year-end, Syngenta CEO says

Apr. 20, 2016 8:24 AM ETSyngenta AG (SYT-OLD) StockBy: Carl Surran, SA News Editor4 Comments
  • Syngenta (NYSE:SYT) still expects to complete the takeover by ChemChina by the end of the year, CEO John Ramsay said, brushing off opposition by some U.S. lawmakers and the possibility that the deal will be blocked by regulators.
  • The process for gaining approval from regulators is moving according to the company's original timetable, Ramsay said in today's earnings conference call, but he declined to specify whether an application has been filed to the Committee on Foreign Investment in the U.S.
  • Ramsay also said the break fee payable by SYT in case the deal falls apart has been cut to $800M from an initially agreed $1.5B; the breakup fee payable by ChemChina is ~$3B.
  • SYT reported that Q1 sales fell 7% Y/Y to $3.7B, primarily driven by the stronger U.S. dollar; sales fell 4% to Europe, Africa and the Middle East, although they rose 6% at constant exchange rates, while sales fell 2% at constant exchange rates to North America.
  • Now read Europe earnings roundup

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