Subscribe free to our newsletters via your
  Energy News  




Subscribe free to our newsletters via your




















FARM NEWS
Syngenta says profits down as ChemChina takeover looms
by Staff Writers
Zurich (AFP) Feb 8, 2017


Swiss pesticide and seed giant Syngenta said Wednesday that restructuring costs hit 2016 earnings, even as its planned takeover by ChemChina looks set to be completed by the middle of the year.

Last year, Syngenta raked in a net profit of $1.2 billion (1.1 billion euros), which was 12 percent lower than a year earlier, blaming ballooning restructuring and impairment charges, including costs linked to the pending ChemChina deal.

Syngenta's 2016 sales were meanwhile hit by low crop prices and a stronger dollar, slipping five percent year-on-year to $12.8 billion, it said.

The net profit and sales numbers were largely in line with the expectations of analysts polled by Swiss financial news agency AWP.

"In 2016, Syngenta showed a resilient performance in the face of another difficult year for the agriculture industry," company chief executive Erik Fyrwald said in the earnings statement.

China's state-owned chemical corporation ChemChina is awaiting final regulatory approval for its planned purchase of the Swiss company for $43 billion, and completing what should be the biggest overseas takeover ever for a Chinese firm.

"ChemChina and Syngenta have made significant progress towards achieving the necessary regulatory approvals and closing the transaction," Syngenta said.

It said the deal so far had received the approval of 13 regulatory authorities, but was still waiting for a green light from Brazil, Canada, China, the EU, India, Mexico and the United States.

The deal, it said, was expected to close during the second quarter.

"ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," the statement said.

The expected closing date has been pushed back several times as regulators in the United States and other countries have dragged their feet.

The deal is just one of several huge takeovers in the agro-chemical sector that regulators are grappling with, with German giant Bayer offering $66 billion for US firm Monsanto, which in 2015 had tried to acquire Syngenta for $46 billion.

US giants Dow Chemicals and DuPont have also proposed a $130-billion tie-up.

Syngenta's board has decided to host the general assembly in June, after the final settlement of the ChemChina is expected to go through, and said it did not plan to pay out dividends this year.

However, once the ChemChina deal goes through, a special dividend of 5.00 Swiss francs ($5.01, 4.70 euros) per share will be paid out, it said.

Following the news, Syngenta saw its share price rise 1.18 percent to 430.40 Swiss francs a piece in morning trading as the Swiss stock exchange's main SMI index remained largely flat.

noo-nl/spm

SYNGENTA

Monsanto

Bayer


Comment on this article using your Disqus, Facebook, Google or Twitter login.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

.


Related Links
Farming Today - Suppliers and Technology






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
FARM NEWS
Spain's Balearic Islands hit by deadly olive tree bacteria
Madrid (AFP) Feb 3, 2017
A deadly bacteria that infected thousands of olive trees in Italy has been detected in Spain's Balearic Islands where authorities are racing to contain it, a regional government official said Friday. Mateu Ginard, head of the regional government's agriculture department, told AFP authorities had decided to declare the entire archipelago a zone affected by Xylella fastidiosa after olive, cher ... read more


FARM NEWS
NASA Langley Ozone Sensor Set for Launch to Space Station

NASA Makes an EPIC Update to Website for Daily Earth Pics

Subscale Glider Could Assist in Weather Studies, Prediction

Wind satellite heads for final testing

FARM NEWS
NASA space radio could change how flights are tracked worldwide

ISRO to Launch Standby Navigation Satellite to Replace IRNSS-1A

First-ever GPS data release to boost space-weather science

IAI debuts GPS anti-jamming system

FARM NEWS
Honduras manages to stall pine-munching bugs' march

Amazon forest was transformed by ancient people: study

Coastal wetlands excel at storing carbon

Wetlands play vital role in carbon storage, study finds

FARM NEWS
A better way to farm algae

DuPont Industrial Biosciences to develop new high-efficiency biogas enzyme method

Cathay Pacific to cut emissions with switch to biofuel

Populus dataset holds promise for biofuels, materials, metabolites

FARM NEWS
Powerful change: A profile of today's solar consumer

EU to phase out China solar panel duties

NREL research pinpoints promise of polycrystalline perovskites

Material can turn sunlight, heat and movement into electricity

FARM NEWS
Prysmian UK to supply land cable connections for East Anglia ONE offshore wind farm

Russia's nuclear giant pushes into wind energy

The power of wind energy and how to use it

Largest US offshore wind farm gets green light

FARM NEWS
Do more to advance CCS, BHP Billiton says

Beijing's mayor vows step away from coal

Smog chokes coal-addicted Poland

After oil and gas, Denmark's Dong ditches coal

FARM NEWS
Exile, jail, abduction: the hazardous lives of China's rich

Missing Chinese billionaire targeted over stocks crash: report

'Abduction' of China tycoon sparks fear in Hong Kong

Hong Kong leadership favourite testifies in corruption trial




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News








The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement