Brussels/ Washington — China National Chemical Corporation (ChemChina) won EU antitrust approval for its $43bn takeover of Swiss pesticide maker Syngenta, a day after the US gave its blessing, bringing China’s largest foreign acquisition closer to the finish line. ChemChina’s offer to divest some pesticides and agricultural products will remove "problematic overlaps" and allow EU regulators to clear the deal, the European Commission said. The US required the companies to divest three types of pesticides as a condition for completing the deal. The companies expect to close the deal by the end of June. The transaction still needs approval from Chinese antitrust authorities. The takeover, announced a year ago, is one of a trio of mega-deals that would reshape the global agrochemicals industry. Dow Chemical’s $77bn bid to merge with DuPont cleared its biggest hurdle last week when it won EU approval with hefty concessions. Bayer still needs approval for its purchase of Monsanto. The com...
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