ChemChina on Thursday announced around 92.2 of Syngenta shares have been tendered as of 24 May, the provisional end result of its ofer to acquire Syngenta. On 31 May the state- owned company plans to unveil the end result of the ofer, fol- lowed on 7 June by the second settlement. ChemChina revealed in recent regulatory flings that it had raised $20 billion in perpetual bonds and preferred shares, mainly from state-owned Chinese banks, to fnance the $43 bil- lion deal. The proceeds will be used to repay some bridge loans. Bank of China contributed $10 billion via a perpetual bond, making it the single largest fnancier of the acquisition, while China Reform Holdings Corp., and Industrial Bank Co., provided another $7 billion and $1 billion, respectively, also in the form of perpetual bonds. Morgan Stanley, meanwhile, invested $2 bil- lion in ChemChina convertible preferred shares. On Wednesday this week, ChemChina publicly marketed another smaller-sized dollar-denominated perpetual bond.
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