Shares in Syngenta dropped as much as 9 per cent yesterday amid signs that ChemChina’s proposed $44bn takeover of the Swiss agribusiness group may be dragged into a lengthy EU competition probe.
ChemChina declined to submit any concessions to European competition authorities before a deadline last week, a step investors and analysts saw as necessary to gain early approval from the European Commission.
They added that they now expect the commission to launch an in-depth investigation into the agribusiness megadeal — the biggest Chinese takeover of a foreign company.
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