- State-owned ChemChina has acquired Swiss agribusiness company Syngenta for $43 billion.
- It was part-financed through $20 billion bridge facilities provided by HSBC Bank. This was structured as $15 billion in term bridge facilities along with $5 billion in backstop facilities, made available for the purposes of refinancing existing debt in Syngenta
- The deal is set to become largest ever overseas acquisition by a Chinese company, more than double the previous largest acquisition - CNOOC's $17.7 billion purchase of Canada's Nexen in 2012.
- The transaction is a setback for US seed company Monsanto, who unsuccessfully bid $45 billion for Syngenta last year.
- In March, ChemChina bought Italian tyre maker Pirelli, underscoring the company’s interest in Europe.
- In mid-May 2017, ChemChina completed its first settlement of the tender offers for Syngenta.
Adam Majeed - Asia Editor