October 10, 2016 / 3:33 PM / in a year

Syngenta: ChemChina's bridge financing 'committed and irrevocable'

ZURICH (Reuters) - Bridge financing is “committed and irrevocable” for ChemChina’s $43 billion takeover of Syngenta (SYNN.S), a spokeswoman for the Swiss chemicals maker said on Monday, following a report on Chinese news outlet Caixin that the acquisition had hit a snag.

A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo

“We have no comment to make on this article and ChemChina is proceeding with their refinancing strategy,” the spokeswoman said. “Bridge financing for the transaction is committed and irrevocable.”

State-owned ChemChina is borrowing heavily to buy seeds-and-pesticides producer Syngenta as the country seeks new agricultural technology to bolster its growing population’s food supply. Caixin reported that a $15 billion piece of the deal’s funding remains missing, citing several people it said were close to the deal.

here

Reporting by John Miller; Editing by Michael Shields

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