Source: Food First
Early this month the Syngenta corporation made history by accepting a buyout bid from the Chinese state-owned company ChemChina. The two corporations together control a quarter of the global pesticide market and hold top positions in the global seed market. It is the largest foreign corporation ever bought by China.
“In making this offer, ChemChina is recognizing the quality and potential of Syngenta’s business,” said Syngenta chairman Michael Demaré upon announcing the merger, “This includes industry-leading R&D and manufacturing and the quality of our people worldwide. The transaction minimizes operational disruption; it is focused on growth globally, specifically in China and other emerging markets, and enables long-term investment in innovation. Syngenta will remain Syngenta and will continue to be headquartered in Switzerland.” (1)
“We will continue to work alongside the management and employees of Syngenta to maintain the company’s leading competitive edge in the global agricultural technology field,” said ChemChina chairman Ren Jianxin. He added, “Our vision is not confined to our mutual interests, but will also respond to and maximize the interests of farmers and consumers around the world. We look forward to… [delivering] safe and reliable solutions for the continued growth in global food demand.”
This sale is a landmark for Chinese foreign policy and a landmark also for Europe-China relations.
It is also bad news for Monsanto.