China National Chemical Corp, or ChemChina, has approached Chinese state-backed ...
HONG KONG - China National Chemical Corp, or ChemChina, has approached Chinese state-backed investors for up to $10 billion in funding as part of a reorganisation of its agrichemicals business ahead of a public float, according to five people familiar with the situation. The reorganisation includes Swiss giant Syngenta.
Executives from ChemChina and Sinochem have been involved in the approaches to potential investors, according to two of the sources, who have direct knowledge of the talks. They turned to fellow state-owned firms after some international investors shunned the offer as too expensive, the five people said.
The documents, sent to prospective investors, still represent the companies’ current plans, according to two of the sources. ChemChina leveraged up to buy the Swiss giant, creating a global player in agrichemicals and driving the Chinese company’s debt levels to around 10 times EBITDA at the end of 2018, according to figures from Moody’s rating agency.
ChemChina and Sinochem are now offering these state-backed investors shares that would value SAS at about $30 billion, according to one of the people with direct knowledge of the talks. That price tag would imply a large drop in the estimated valuation of Syngenta.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hear Jonathan Groff and the cast of 'Little Shop of Horrors' sing 'Skid Row/Downtown'Hear Jonathan Groff and the cast of Little Shop of Horrors sing 'Skid Row/Downtown'
Read more »
CITIC poised to beat Goldman to become first China firm to lead Asia equity rankingsCITIC Securities looks set to become the first Chinese firm to top annual equity...
Read more »
Exclusive: Nvidia to win unconditional EU okay for $6.8 billion Mellanox buy - sourcesU.S. chipmaker Nvidia is set to win unconditional EU antitrust approval for its ...
Read more »
Exclusive: Freddie Mac offers early retirement to 25% of workforce - sourcesFreddie Mac has offered early retirement to around 25% of its staff as it begins...
Read more »
Tencent taps GIC, sovereign funds to rescue Universal Music deal: sourcesTencent Holdings Ltd has turned to Singapore's state investor GIC and other...
Read more »