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Syngenta slumps over ChemChina doubts

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Published: October 27, 2016

BRUSSELS/ZURICH (Reuters) —Syngenta shares took a beating Oct. 24 after the European Commission triggered doubts about Chinese state-owned chemical company ChemChina’s US$43 billion bid for the Swiss pesticides and seeds group.

The companies met with the EU antitrust authority a week ago to allay competition concerns.

The companies had apparently offered no concessions.

This means either the commission will clear the deal unconditionally by an Oct. 28 deadline or open a full investigation, a process that can take up to five months.

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