China National Chemical Corp. (ChemChina) announced last week that it has started the process of substituting equity for part of the loan financing of the Syngenta AG offer made by CNAC Saturn (NL) B.V., a subsidiary of ChemChina.
According to the company, the first commitment of $5 billion was made by Feng Xin Jian Da LP, a subsidiary of CITIC Ltd., one of China’s largest state-owned conglomerates.
“As equity commitments are made, existing loan facilities will be reduced in
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