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Syngenta says ChemChina deal to stretch into Q1 2017

Syngenta headquarters in Basel, Switzerland, February 3, 2016.
Arnd Wiegmann | Reuters
Syngenta headquarters in Basel, Switzerland, February 3, 2016.

Syngenta, the world's largest pesticides maker being taken over by state-owned ChemChina, expects the deal to stretch into the first quarter of next year, it said on Tuesday, missing its original forecast for it to close this year.

"In a context of industry consolidation, regulators in the EU and elsewhere have recently requested a large amount of additional information, and we now expect the regulatory process to extend into the first quarter of 2017.

ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," Chief Executive Erik Fyrwald said in a statement.

It reported third-quarter sales of $2.5 billion, down 3 percent at constant exchange rates compared with the third quarter of 2015. Analysts polled by Reuters had on average expected sales to ease 0.5 percent to $2.6 billion.

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