Adama parent co ChemChina bids for Sygenta

ChemChina

Swiss company Sygenta is a major competitor of Israeli pesticide company Adama.

Chinese company ChemChina has bid $43 billion for the acquisition of Swiss company Sygenta.

This deal has a clear Israeli connection: ChemChina is the controlling shareholder in Adama Agricultural Solutions Ltd. (TASE: ADAMA) (formerly Makhteshim Agan), after acquiring 60% of Adama's shares in 2011 from IDB Holding subsidiary Koor Industries Ltd. (TASE:KOR), which still holds the other 40%.

Sygenta is one of the biggest players in the global agrochemical market, making it an important competitor of ChemChina, and consequently of Adama, ChemChina's Israeli subsidiary.

The potential deal represents a 24% premium on the market price. Sygenta's market cap on Wall Street is $34 billion.

If the deal goes through, it will make ChemChina one of the world's largest pesticide manufacturers.

Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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