U.S. extends review of ChemChina-Syngenta deal
U.S. regulators are taking more time to study ChemChina's deal to buy Syngenta, says Bloomberg, citing the Swiss seed and ag chemical company. The transaction is one of three that would transform the seed and chemical sector into a "big three" from a "big six."
Will ChemChina claim immunity against U.S. lawsuits?
With state-owned ChemChina prepared to take over Syngenta, one of the largest seed companies in the world, Senate Judiciary chairman Chuck Grassley wants to know if the Chinese company would invoke sovereign immunity against lawsuits in U.S. courts. "If they fail to answer my questions, it ought to raise a big red flag with our regulators checking the antitrust laws against the mergers," Grassley told reporters according to DTN.
U.S. farm groups tell Senate they can support big ag mergers
Since World War Two, the U.S. food supply has come from a network of fewer but larger farms. And the groups representing those highly mechanized operations told the Senate Judiciary Committee that they could accept, with sufficient safeguards, mergers that would convert the six largest seed and agricultural chemical companies into a "big three."
Ag-merger wave looks like a ‘tsunami,’ says Senate Judiciary chairman
The seed and ag-chemical industry "is seemingly on the precipice of a significant structural transformation," says Senate Judiciary chairman Charles Grassley in remarks written for today's hearing on consolidation in the sector. Five of the "big six" companies are involved in mergers while two Canadian companies are combining to form the world's largest fertilizer company.
Antitrust regulators are collaborating on ag-merger wave
Ahead of a Senate Judiciary Committee hearing on consolidation in the seed and ag chemical sector, the Justice Department and the Federal Trade Commission say they will consider the combined impact of mergers as well as the import of each deal. If they go forward, the mergers would result in three dominant companies in the sector instead of the current six.
Ag crisis is on the horizon unless farm economy improves
U.S. farm income is down sharply from the records set in 2013, with little improvement forecast in the near term. "If something doesn't change between now and 2018, we will be in a big crisis," said Zippy Duvall, president of the largest U.S. farm group, during a luncheon session with reporters, referring to the target date for Congress to overhaul farm policy law.
Bayer to buy Monsanto for $66 billion in a giant deal for seeds and ag chemicals
Two of the largest seed and agricultural chemical companies of the world, Bayer and Monsanto, will combine in a deal valued at $66 billion. Monsanto chief executive Hugh Grant said the merger, in which Bayer buys Monsanto for cash, will result in "an innovation engine that pairs Bayer’s crop protection portfolio with our world-class seeds and traits and digital agriculture tools to help growers overcome the obstacles of tomorrow."
U.S. antitrust lawsuit wants to stop Deere purchase of Precision Planting
The Justice Department filed an antitrust lawsuit in federal court in Chicago to block Deere and Co., the world's largest farm equipment maker, from buying Precision Planting, its chief competitor in selling high-speed seed planters to farmers. The government says the two companies account for at least 86 percent of sales of the planters, which are expected to become the industry standard.
Grassley to hold hearing on ag concentration
Senate Judiciary Chairman Chuck Glassley of Iowa said he would hold hearings next month on "a wave of consolidation among seed and chemical producers, including the merger of Dow and DuPont," the Des Moines Register reported. The announcement came one day after the Committee on Foreign Investment in the United States approved the $43 billion merger of ChemChina and Swiss-based Syngenta, which has significant operations in the United States.
U.S. agency approves ChemChina merger with Syngenta
China National Chemical Corp. said it had received clearance from the Committee on Foreign Investment in the United States for its $43 billion acquisition of Swiss-based Syngenta, the New York Times reported. The approval removed one of the biggest potential challenges to the deal, the paper said.
Ag mergers need coordinated review, says Senate chairman
The Justice Department and Federal Trade Commission ought to collaborate in their review of two major mergers that affect the seed and ag chemical supply, said Senate Judiciary chairman Charles Grassley in a letter to regulators. "It is important that these transactions are not reviewed in isolation," wrote Grassley, noting that different regulators are handling each of the mergers, Dow-DuPont and ChemChina-Syngenta.
Bill would add USDA to U.S. review of foreign investors
Senate Judiciary chairman Charles Grassley is sponsoring a bill to make USDA a permanent member of the U.S. panel that decides if foreign purchases of U.S. companies impinge on national security. "This bill will raise the stature of agriculture ... so we don't make the mistake of selling too much control of our food supply to foreign countries," Grassley told reporters.
BASF sees healthy future despite seed and ag-chem mergers
The third-largest producer of agricultural chemicals, German-based BASF "is not backed into a corner" by the wave of mergers among the world's largest seed and agricultural-chemical companies, says deputy chief executive Martin Brudermueller.
Vilsack mum as consolidation sweeps seed, ag-chemical sector
Three big mergers among the world's largest seed and agricultural chemical companies are under way or proposed — Bayer and Monsanto, ChemChina and Syngenta, and Dow and DuPont — creating concerns among growers of fewer choices and higher prices when they go shopping. Agriculture Secretary Tom Vilsack told Harvest Public Media, “I’m not going to respond directly to particular business transactions."
USDA gets seat at the table for review of ChemChina-Syngenta merger
The Obama administration has added USDA to the secretive inter-departmental Committee on Foreign Investment in the United States for its review of the merger of state-owned ChemChina and Swiss-based Syngenta, said Reuters. Farm-state senators wanted USDA to be included in the review to make …
Senate Judiciary chair asks for U.S. review of Syngenta-ChemChina deal
The Obama administration should examine the food-security implications of the proposed $43 billion purchase by state-owned ChemChina of Swiss-based Syngenta, one of the world's largest seed and agro-chemical companies, said the Senate Judiciary chairman and the Democratic leader of the Senate Agriculture Committee.