EU delays Syngenta/Monsanto deal decision to Nov 25
EU regulators have delayed until Nov. 25 a decision on whether to clear a $160 million bid by Syngenta (SYNN.VX) for Monsanto's (MON.N) global hybrid sunflower seed business after Syngenta offered remedies to ease competition concerns.
- (1888PressRelease) September 06, 2010 - The European Commission, the competition watchdog in the 27-country European Union, had previously set an Oct. 26 deadline for a decision after opening an in-depth investigation in June citing concerns about the removal of a strong competitor.
The EU executive, which typically extends its review deadline when companies offer commitments, announced the extension on its website, but a spokeswoman declined to comment on Syngenta's proposed remedies.
The world's largest agrochemicals company also declined to comment on its commitments. "We are still confident of getting this through," Syngenta's spokesman Medard Schoenemaeckers said.
Syngenta shares were up 1.4 percent at mid-session, outperforming a 0.6 percent higher Stoxx European 600 chemicals sector .SX4P. (Reporting by Foo Yun Chee; additional reporting by Andrew Thompson in Zurich; Editing by David Brunnstrom and Erica Billingham)
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