Syngenta, ChemChina Miss EU Deadline For Antitrust Remedies; Stock Down

(RTTNews) - Syngenta AG (SYT) and China National Chemical Corp., known as ChemChina, didn't submit proposed remedies to resolve potential antitrust concerns related to their planned merger by October 21 deadline, the European Union said Monday, raising concerns that approval may be delayed.

In the pre-market trade, SYT is currently trading at $78.58 or $6.53 or 7.67%.

European regulators have set an initial deadline for the merger probe for Oct. 28 to decide whether to clear the deal unconditionally, or open an in-depth investigation which would last several more months.

Syngenta said on Monday that "constructive" discussions with EU regulators over its proposed purchase by ChemChina are ongoing and that an update would be issued by Syngenta on Tuesday.

It was in February this year that ChemChina offered to acquire the Swiss crop chemicals firm at a value of over $43 billion. The offer was $465 per ordinary share plus a special dividend of CHF 5.