Adds particulars
BEIJING/ZURICH, July 2 (Reuters) – Agrichemical large Syngenta Group plans to checklist on Shanghai’s Nasdaq-style STAR Market with a 65 billion yuan ($10 billion) preliminary public providing (IPO), a prospectus filed with the Shanghai Inventory Alternate confirmed.
Syngenta’s software for itemizing on the STAR Market has been accepted and the corporate plans to concern as much as 2.79 billion shares, the submitting mentioned.
Particulars of the flotation, set to be the world’s largest this yr, have been first revealed by Reuters earlier this week.
Following the flotation, the maker of pesticides and seeds is more likely to be valued at round $60 billion together with debt, or $50 billion with out, sources have advised Reuters.
The Swiss seeds and crop safety large was purchased in 2017 for $43 billion by ChemChina, which was folded into Sinochem Holdings Corp this yr.
The acquisition stays China’s largest takeover of a overseas firm and is geared toward utilizing Syngenta’s top-tier chemical compounds and patent-protected seeds to drastically enhance home agricultural output.
Since being taken over, Syngenta – the world’s No.1 crop safety maker and No. three seed provider – has been merged with Israeli agrochemical agency ADAMA and the fertiliser and seed enterprise of Sinochem.
($1 = 6.4705 Chinese language yuan renminbi)
(Reporting by Beijing Newsroom and John Revill in Zurich; Writing by Tom Daly and John Revill; Modifying by Nick Tattersall and Louise Heavens)
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