Feb 8 Swiss pesticides and seeds group Syngenta
said that the bridge financing for ChemChina's
agreed $43 billion takeover had been secured and that
it was working with its prospective parent company on
longer-term funding of the deal.
"All the bridge financing to close the transaction is in
place and irrevocable. In terms of the longer-term financing
Syngenta and ChemChina are working together to get the optimal
structure in place, that is ongoing," finance chief Mark Patrick
told Reuters in a phone interview on Wednesday.
The company is confident that the transaction will get
approval from China's ministry of commerce MOFCOM, causing no
delay beyond the second quarter, when the merger partners aim to
wrap up the deal, Chief Executive Erik Fyrwald said in the
He added he had been assured there were no talks about
merging Chinese state-owned chemical firms Sinochem Group and
ChemChina that could disrupt the planned Sino-Swiss deal.
"I speak personally with ChemChina Chairman Ren (Jianxin).
We have been repeatedly assured that there are no discussions
going on with other parties about any merger in China at this
time," Fyrwald said.
Sources told Reuters in October that Sinochem and ChemChina
were in discussions about a possible merger to create a
chemicals, fertiliser and oil giant with almost $100 billion in
Syngenta earlier said it expects its takeover by ChemChina
to close in the second quarter of 2017 as it makes progress in
winning regulatory approval for the deal.
(Editing by Michael Shields)