A $43 billion takeover deal that would merge Chinese state-owned agriculture company ChemChina and Swiss-owned seed company Syngenta is expected to turn the world’s second largest economy into a biotech titan.
In recent weeks, the deal has been approved by EU and US authorities. Once closed it will be China’s biggest overseas acquisition. It will create the world’s largest farm-business oligopoly, concentrating agricultural power in the hands of the three countries - the US, Germany, and China.
Experts call the future merger a chance for China to acquire valuable seed technology to feed its 1.3 billion population, which is consuming more meat and dairy products as the middle class expands.
The country relies heavily on food imports. It’s a major soybeans importer and the seventh largest importer of corn.
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