EC to probe Syngenta deal
20 March 2000
EC to probe Syngenta deal
THE European Commission is expected to open an in-depth investigation into planned new biotech company Syngenta on Tuesday (21 March).
AstraZeneca and Novartis, in a deal announced in December, propose spinning off their agrochemicals businesses to create Syngenta.
But competition officials are concerned about the dominant position of the new company, reports the Financial Times.
Syngenta would be the worlds leading agrochemicals supplier with a valuation estimated at US$16 billion (10bn).
While neither company would comment, the FT says that the expected completion date, scheduled for the second half of the year, indicates the companies are braced for a long regulatory process.
Many pharmaceuticals companies are trying to divest themselves of agchem sectors because of agricultures downturn.
- Novartis and AstraZeneca to merge, FWi, 02 December, 1999
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Financial Times 20/03/2000 page 25