Syngenta ChemChina deal approved

Swiss agribusiness group Syngenta is set to be taken over in the biggest ever foreign takeover by a Chinese company.

The US national security regulator committee on foreign investment (CFIUS) has approved a $43m takeover of Syngenta by the China National Chemical Corporation.

CNCC offered $465 per share for Syngenta in February.

The company has 28,000 workers in 90 countries. The deal is the second biggest in the chemical industry after Dow Chemicals and Dupont agreed to a $130bn merger in December 2015.

Bayer is bidding for Monsanto in another potential major chemco merger.

The Syngenta deal could be completed by the end of the year.