By Brian Blackstone
ZURICH--Syngenta AG (SYT, SYNN.EB) and ChemChina have requested an additional 10-day extension of the European Union's antitrust review period until April 12 in order to discuss remedy options over ChemChina's proposed acquisition of the Swiss seed and pesticide maker, Syngenta said in a statement Tuesday.
"The extension is to allow sufficient time for the discussion of remedy proposals," Syngenta said. "The standard timeline for a Phase II review is 90 working days with a possible extension of 20 working days; with today's announcement, the full 20 days has been granted."
"ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," Syngenta said.
In October, Syngenta said that regulatory approval of its proposed acquisition by China National Chemical Corp.--ChemChina's formal name--was likely to be delayed into the first quarter of 2017. The companies had previously expected the deal to close by the end of 2016.
Last February, Syngenta agreed to be acquired by ChemChina for $43 billion in cash.
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(END) Dow Jones Newswires
January 03, 2017 13:05 ET (18:05 GMT)
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