ChemChina seeking $10 bln in Syngenta IPO

ChemChina is aiming to raise around $10 billion from a Shanghai IPO for Swiss agrichemical giant Syngenta Group, in what is set to be the world's largest flotation this year, sources with direct knowledge of the matter told Reuters.

ChemChina, which became part of Sinochem Holdings Corp last month, is also considering a secondary listing for Syngenta that could take place less than a year after its debut, with exchanges in Zurich, London and New York among the options being examined, sources said. Hong Kong is also being considered but is not a frontrunner, said one of the sources.

That compares with the $43 billion price tag ChemChina paid for Syngenta in 2017 - the country's biggest-ever foreign takeover aimed at using the Swiss firm's portfolio of top-tier chemicals and patent-protected seeds to drastically improve domestic agricultural output.

Since being taken over, Syngenta has been merged with Israeli agrochemical firm ADAMA and the fertiliser and seed business of Sinochem. The prospectus for the initial public offering on Shanghai's STAR market could be lodged as soon as Wednesday.

Read the complete article at www.reuters.com.


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