Syngenta AG has rejected a $42 billion initial takeover offer by state-owned China National Chemical Corp over regulatory concerns, Bloomberg reported on Thursday, citing unidentified sources.
Syngenta is under pressure to boost shareholder returns after turning down a $47 billion takeover offer from Monsanto Co this year amid a slump in global commodity demand.
Bloomberg said the Swiss-based company was still in talks with ChemChina, as well as other suitors, and that a deal could be reached within weeks.