ChemChina bids $44b for Syngenta

State-owned China National Chemical Corp has raised its offer to buy Syngenta AG by about $2 billion, to $44 billion, proposing a two-stage takeover of the agrochemical company, Bloomberg reported, citing sources.

ChemChina has offered 470 Swiss francs ($472) per share to buy 70 percent of Syngenta with an option to acquire the remaining 30 percent at a later date, Bloomberg said on Friday.

Syngenta and ChemChina were not immediately available for comment. Syngenta, under pressure to boost shareholder returns after turning down a $47 billion takeover offer from Monsanto Co this year, rejected ChemChina’s previous offer last month due to regulatory concerns, Bloomberg had reported.

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