China National Chemical Corp. improved its offer to buy Syngenta AG, proposing a complex two-stage takeover that would mark the biggest-ever acquisition by a Chinese company, people with knowledge of the matter said.
ChemChina, as the state-owned company is known, offered to purchase 70 percent of Syngenta now, with an option to acquire the remaining 30 percent of the company at a later date, said the people, who asked not to be identified because the information is private. Basel-based Syngenta, the world’s largest pesticide maker, will hold a board meeting before the end of the year to vote on the deal, the people said. While talks are advanced, no agreement has been reached and there’s no guarantee a deal will be completed.