Syngenta’s board last week voted in favor of pursuing advanced takeover talks which moves the company closer to a merger with ChemChina. Bloomberg reports while negotiations continue, talks could still fall apart, and it cannot be ruled out that counter bids appear. Counter proposals could appear from Monsanto, whose takeover attempts were turned away by Syngenta last year. However, Monsanto officials have said rekindling talks with Syngenta since have proven to be difficult. Syngenta’s approval for advanced could pave the way for a formal agreement to be reached by the Chinese New Year holiday in early February. ChemChina offered about 470 Swiss francs a share in cash for Syngenta last month. Buying Syngenta would transform ChemChina into a maker of genetically modified seeds, putting it in competition with Monsanto. Lack of seed technology is a key reason that China’s corn yields are half those in the U.S., according to Bloomberg.
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