ChemChina has offered to acquire Syngenta at US$465 per ordinary share plus a special dividend of CHF5 (US$5.03) to be paid conditional upon and prior to closing. The offer is equivalent to a Swiss franc value of CHF480 per share.
Syngenta shareholders will in addition receive the proposed ordinary dividend of CHF 11 in May 2016.
It is planned to make a facility available for the conversion of US dollar sales proceeds into Swiss francs on closing.
Syngenta’s existing management will continue to run the company.
After closing, a 10-member Board of Directors will be chaired by Ren Jianxin, chairman of ChemChina, and will include four of the existing Syngenta Board members.
“The transaction minimizes operational disruption; it is focused on growth globally, specifically in China and other emerging markets, and enables long-term investment in innovation,” said Michel Demaré, chairman of Syngenta.
“Syngenta will continue to be headquartered in Switzerland.”
The transaction will enable further expansion of Syngenta’s presence in emerging markets and notably in China.
