ChemChina provides update on Syngenta deal

摘要

China National Chemical Corp. (ChemChina; Beijing) says it has started substituting equity for part of the loan fnancing of the ofer made by CNAC Saturn, a subsidiary of ChemChina, for shares and American Depositary Shares of Syngenta. A frst equi- ty commitment of $5 billion has been made by Feng Xin Jian Da, a fund managed by CITIC Trust, a subsidiary of CITIC Ltd., which is listed on the Hong Kong stock exchange. CITIC and HSBC are the banks handling ChemChina’s acquisition of Syngenta. As equity commitments are made, existing loan facilities will be reduced in line with certainty of funds requirements under Swiss takeover law, ChemChina says. CNAC Saturn will remain under the control of ChemChina following the drawdown of the funds in connection with settling the ofer. ChemChina expects to close the $43.3-billion acquisition of Syngenta by the end of this year, as originally planned.