State-owned China National Chemical Corp. is nearing an agreement to buy Swiss pesticide-and-seeds-maker Syngenta AG for about a record $42.8 billion, according to people familiar with the matter.
ChemChina, who is looking to extend its buying spree, said the deal could be announced as early as Wednesday when Syngenta reports earnings. The deal would help Chairman Ren Jianxin transform ChemChina into the world’s biggest supplier of pesticides and agrochemicals, while snatching an asset coveted by St. Louis-based Monsanto Co.
A spokesman for ChemChina declined to comment, as did officials at Syngenta. Final talks are ongoing and could still fall apart or be delayed, officials said.
Read more: Bloomberg