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FTC Requested Additional Info From ChemChina/Syngenta While Canadian Competition Bureau Approved

Some bad news first…Syngenta had revealed that FTC had asked for second request of information which will move back the deadline clock for approval by another 30 days after ChemChina and Syngenta had submitted all the additional information that FTC had requested. This may take 2 months more but if ChemChina/Syngenta quickly submits the necessary information which I suspect they may already had prepared then the process may be faster.

The mystery is when the clock starts. There are some confusion as to whether the initial timeline is 15 days or 30 days in some reports (The Bloomberg article stated that the initial review deadline is 15 days and 2nd request deadline is 30 days but it should be 10 days). The transaction is clearly a cash tender so it should be 15 days. Syngenta recently mentioned that they had submitted the FTC notification on 13th Jan 2017 and the 15 days period should end on 27th Jan. Assuming they compiled the necessary information in one month’s time, we may be looking at an approval decision somewhere in the 2nd week of March.

On the other hand, there is some good news in that the Canadian Competition Bureau had approved the merger after months of deliberations.

Updated: February 14, 2017 — 2:40 pm

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