EU Reportedly Set to Approve ChemChina's Purchase of Syngenta; Raising Our FVE
Reuters has reported that the European Commission is set to approve state-owned ChemChina's purchase of Syngenta. The report noted minor divestitures from both ChemChina and Syngenta will be required to secure approval. We think this increases the likelihood the deal will eventually close, and we've raised the deal probability in our Syngenta model to 90% from 75%. As such, our Syngenta fair value estimate climbs to CHF 458 per share ($93 per ADR) from CHF 448 per share ($90 per ADR).The deal a...
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