Reuters — Syngenta has rejected ChemChina’s offer to buy the Swiss agricultural chemicals group, citing regulatory concerns, Bloomberg reported on Thursday.
China National Chemical Corp., better known as ChemChina, offered about 449 Swiss francs (C$597) per share for Syngenta, valuing the Basel, Switzerland-based company at about 41.7 billion Swiss francs (C$55.4 billion), according to the report.
The offer follows a similarly priced bid from Monsanto that was withdrawn after Syngenta dismissed it as too low.
The two companies are still in talks and an agreement could still be reached in the next few weeks, Bloomberg said, citing sources.
Syngenta is also talking to other potential suitors, the news agency said.
U.S.-listed shares of Syngenta were up 14 per cent at US$79.22 in extended trading on Thursday.
Syngenta and ChemChina could not immediately be reached for comments.
— Reporting for Reuters by Ismail Shakil in Bangalore.