Deals and IPOs

US gives tentative OK to Chinese takeover of Syngenta

The logo of Swiss agrochemicals maker Syngenta adorns it's plant in Muenchwilen, Switzerland.
Arnd Wiegmann | Reuters

U.S. regulators have given tentative approval to a Chinese conglomerate's proposed $43 billion acquisition of Swiss agribusiness giant Syngenta on condition it sells some businesses to satisfy anti-monopoly objections.

The Federal Trade Commission's announcement follows approval last year by European regulators of the purchase. It would be China's biggest foreign acquisition to date.

The FTC said state-owned ChemChina and Syngenta agreed to sell businesses that make an herbicide, a pesticide and a fungicide for which it said their combined large market shares would cause "significant competitive harm."