China National Chemical Corp. raised its bid for Swiss pesticide and seeds maker Syngenta AG in a potential deal that would mark the biggest-ever purchase by a Chinese company, people with knowledge of the matter said.
ChemChina, as the state-owned company is known, offered to buy 70 percent of Syngenta now, with an option to acquire the remaining 30 percent, people with knowledge of the matter said last week. In addition to the two-step acquisition, the Chinese firm also made an alternative proposal to buy all of Syngenta, one of the people said.
Basel-based Syngenta will hold a board meeting as early as this week to discuss the proposals, the people said. While talks are advanced, no agreement has been reached and there’s no guarantee a deal will be completed. The Swiss company is also waiting to see if U.S. peer Monsanto Co. will make a counteroffer, the people said.
Speculation is mounting that Syngenta will do a deal following a merger agreement between Dow Chemical Co. and DuPont Co. to create a company with a market value of more than $100 billion and the world’s largest agriculture business. That deal may trigger a wave of consolidation in the industry as competitors dash to reposition themselves.
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