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Syngenta thinks ChemChina takeover will be closed in Q2

Staff Writer |
Syngenta pushed back the expected closure of its agreed $43 billion takeover by ChemChina to the second quarter of 2017.

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The transaction is important for China, the world's largest agricultural market, which is looking to Syngenta's portfolio of chemicals and patent-protected seeds to help bolster food supplies for its huge population.

"ChemChina and Syngenta have made significant progress towards achieving the necessary regulatory approvals and closing the transaction," Syngenta said, as it reported slightly better than expected core earnings for 2016 that signaled the year-long takeover saga has not affected business.

The company said it did not plan to pay a dividend on 2016 earnings. Analysts had expected a payout of 11.60 Swiss francs a share, up from 11.00 francs last year, but any such payout would have been offset by a deduction from the offer price anyway, according to the public tender offer.

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