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Security Review Blamed for Delaying ChemChina, Syngenta Deal
USAgNet - 06/17/2016

The completion of the $43 billion purchase of Swiss chemical company Syngenta AG by China National Chemical Corp., known as ChemChina, has been delayed as the deal restarts a national security review, Bloomberg is reporting.

Citing people familiar with the matter, the news outlet says the companies have resubmitted details about the planned deal to the Committee on Foreign Investment in the U.S., a federal interagency panel that reviews the acquisition of U.S. businesses by foreign investors.

Though Syngenta is based in Basel, Switzerland, its North American headquarters is located in Greensboro.

The resubmission to the committee restarts a 75-day review clock that includes an initial 30-day review period followed by a 45-day investigation, if needed. The committee has the ability to recommend to the president that a deal be blocked if it determines that the deal poses a risk to national security.

The deal, which was announced in February, has faced scrutiny due to its standing as the largest-ever purchase by a Chinese company of a foreign business. ChemChina is owned by the federal government and with the deal, would become the largest global supplier of pesticides and agrochemicals.

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