Syngenta rejects Chinese takeover bid while forming new biologicals partnership

Syngenta has rejected a $42 billion (£28bn) takeover offer by state-owned China National Chemical Corp, citing "regulatory concerns", according to reports in the financial media.

ChemChina already has a 5 percent share of the the Switzerland-headquartered agri-chemicals multinational through its ownership of Israeli pesticide manufacturer Adama, and has recently acquired several specialist European manufacturers including a stake in Italian tyre company Pirelli.

Discussions between ChemChina and Syngenta are understood to be continuing.

Earlier this year, Syngenta rejected a $47bn takeover bid offer from competitor Monsanto, saying this "significantly undervalued the company". It then announced in September it would sell its vegetable seeds business.

Earlier this week, Syngenta announced a partnership to research, develop and commercialise bio-controls, bio-pesticides and bio-stimulants with Dutch tech company Royal DSM.

Syngenta estimates that biological controls could account for 10 percent of the global crop protection market by 2030.

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