House Agriculture Committee will Closely Review ChemChina and Syngenta Deal
A spokes person from the House Agriculture Committee said that the committee will closely monitoring the proposal of China National Chemical Corp, a state-owned company to buy Syngenta, the Swiss seeds and pesticide maker. Without wasting any time China National Chemical Corp will quickly start preparing for the lengthy U.S. national security review.
The spokesperson said that, representative Michael Conaway, who is a Texas Republican and chairs the Agriculture Committee, is well aware of the deal and "will be closely monitoring this as it develops.'
The U.S. government panel reviews all foreign acquisitions to find out if in any way they will harm the national security. On Wednesday the $43 billion deal was announced.
About quarter of Syngenta's revenue comes from North America. It is the largest seller of pesticides in North America and a key player also in seeds. Headquarter of the company in the U.S. is in North Carolina and it also has several facilities in the state. Syngenta has presence in other states including California, Iowa, Minnesota, Delaware and others.
If the deal takes place, ChemChina, the Beijing based company will take part in Syngenta management. If everything goes well the deal is expected to be completed this year towards the end.
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