The U.S. Department of Agriculture will join the U.S. Treasury Department’s panel reviewing China National Chemical Corp.’s (ChemChina) proposed acquisition of Syngenta, according to Reuters. ChemChina also extended the deadline to July 18 for Syngenta shareholders to accept a $43 billion takeover offer. The offer was previously scheduled to expire on May 23.
ChemChina said that extensions to the tender offers are expected to occur until all conditions to the offers are satisfied, including obtaining all applicable regulatory approvals. “All of the other terms and conditions of the tender offers remain unchanged, and ChemChina continues to expect to conclude the transaction by the end of the year,” the company added.
Sen. Debbie Stabenow (D., Mich.), ranking member of the Senate Agriculture Committee, applauded the news. In April, Stabenow led a letter to Treasury Secretary Jack Lew, alongside U.S. Sens. Chuck Grassley (R., Iowa), Sherrod Brown (D., Ohio) and Joni Ernst (R., Iowa) – members of the Senate Agriculture Committee – calling on the treasury department to review the deal for any potential effects on U.S. national security and the American food system, with a specific focus on food security and the safety of the food system.
“Based on reports in Reuters and other news outlets, I understand that the United States Department of Agriculture will now have an important seat at the table to review this acquisition,” Stabenow said. “That’s great news for our farmers and families who are looking for certainty that the acquisition does not have national security implications or impact our food system. That is why I – alongside a bipartisan group of senators on the Senate Agriculture Committee – originally called for USDA to join this process and I will remain vigilant throughout this process.”