Syngenta AG has rejected ChemChina’s offer to buy the Swiss agricultural chemicals group in a deal valued at about US$42 billion, citing regulatory concerns.
China National Chemical Corp. (ChemChina) offered about 449 Swiss francs per share for Syngenta, valuing the Basel, Switzerland-based company at about 41.7 billion Swiss francs (US$41.72 billion), Reuters reported.
The offer follows a similarly priced bid from Monsanto Co. that was withdrawn after Syngenta dismissed it as too low.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.
Syngenta is also talking to other potential suitors, the news agency said.
US-listed shares of Syngenta were up 14 percent at US$79.22 in extended trading on Thursday.
Syngenta and ChemChina could not be reached immediately for comments.
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