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☆ Agrochemicals group Syngenta indicates $10 bln IPO likely next year
▼ + stars: | 2023-11-09 | by ( John Revill | ) www.reuters.com time to read: +2 min

A logo is seen at the headquarters of agricultural chemical maker Syngenta in Basel, Switzerland January 30, 2020. "Given weak market conditions we expect that the company will IPO by the end of next year," a company spokesman said on Thursday after Syngenta reported its Q3 earnings. The IPO update came as Syngenta, which competes with U.S. company Corteva (CTVA.N) and German firms BASF (BASFn.DE) and Bayer (BAYGn.DE), reported its latest earnings. Syngenta, which recently announced a change of chief executive and chief financial officer, has been pursuing an IPO for nearly two and half years. Syngenta was bought by ChemChina in 2017 for $43 billion and folded it into Sinochem Holdings Corp in 2021.

Persons: Arnd, Syngenta, John Revill, Kirsti Knolle, Robert Birsel Organizations: Syngenta, REUTERS, Rights, U.S, BASF, Bayer, Shanghai Stock Exchange, ChemChina, Sinochem Holdings Corp, Thomson Locations: Basel, Switzerland, Swiss, Brazil

☆ Arkansas orders Chinese-owned seed producer Syngenta to sell US farmland
▼ + stars: | 2023-10-17 | by ( Tom Polansek | ) www.reuters.com time to read: +3 min

CHICAGO, Oct 17 (Reuters) - Arkansas ordered Syngenta to sell 160 acres (65 hectares) of farmland in the U.S. state within two years on Tuesday because the company is Chinese-owned, drawing a sharp rebuke from the global seeds producer. U.S. farm groups and lawmakers are increasingly scrutinizing foreign land ownership due to concerns about national security. "Our people in Arkansas are Americans led by Americans who care deeply about serving Arkansas farmers," Das said. The state also fined Syngenta $280,000 for failure to report foreign ownership in a timely manner. "All Syngenta land holdings have been examined by the U.S. government, through two administrations, as Syngenta was transitioning to ChemChina ownership," Das said.

Persons: Syngenta, Sarah Huckabee Sanders, Saswato Das, Das, Tim Griffin, Griffin, Northrup, Huckabee Sanders, Tom Polansek, Jonathan Oatis Organizations: BASF, Bayer, Sinochem Holdings Corp, Northrup King Seed, Syngenta, U.S . Department of Agriculture, U.S ., Thomson Locations: Arkansas, U.S, Craighead County, China, ChemChina, Shanghai

Northrup is a subsidiary of Syngenta Seeds, which is owned by China National Chemical Company, or ChemChina, a Chinese state-owned company. Concern has been growing in many states about foreign ownership of farmland. Prior to this year, 14 states had laws prohibiting or restricting foreign ownership and investments in private farmland. Under the Arkansas law, if a company doesn’t divest of the land, the state can take action in court. The surge in state laws targeting land ownership by certain foreigners represents a “a political flashpoint” that Brown says stems from some highly publicized cases of Chinese-connected entities purchasing land near military bases in North Dakota and Texas.

Persons: Tim Griffin, Northrup King, Sarah Huckabee Sanders, Northrup, ” Sanders, Griffin, Syngenta, Micah Brown, ”, Brown, David Lieb Organizations: —, Northrup King Seed, Republican, GOP Gov, Syngenta, China National Chemical Company, National Agriculture Law Center, University of Arkansas, U.S . Department of Agriculture, Associated Locations: — Arkansas, Craighead County, Arkansas, China, Iran, North Korea, Russia, North Dakota, Texas, Jefferson City , Missouri

☆ Syngenta’s IPO is more relief than triumph
▼ + stars: | 2023-05-30 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, May 30 (Reuters Breakingviews) - Syngenta’s $9 billion Chinese market listing finally looks ripe. With Chinese markets in choppy waters, stability-minded domestic regulators could still have cold feet about Syngenta’s mammoth initial public offering. But a reform to fast-track Chinese listings introduced earlier this year suggests a debut is imminent. The seeds-and-pesticide maker has since erased nearly $20 billion of debt, partly thanks to debt-to-equity swaps with ChemChina. Syngenta’s dragged-out market debut will be more of a relief than a triumph.

☆ U.S. trade consultations on Mexico's GMO corn rule 'unacceptable violation' of law -Mexican official
▼ + stars: | 2023-04-27 | by ( Adriana Barrera | ) www.reuters.com time to read: +2 min

MEXICO CITY, April 27 (Reuters) - Trade consultations requested by the United States on Mexico's plan to limit the use of genetically modified corn are an "unacceptable violation" of Mexican law and feed the interests of seed "oligopolies," a top Mexican official said on Thursday. The United States, Mexico's main trading partner, requested the consultations in early March under the United States-Mexico-Canada (USMCA) agreement, which calls for a science-based approach to domestic regulations. "The United States' request to Mexico follows the interests of seed, agrochemical, and other food-producing oligopolies," said Mexican Deputy Agriculture Minister Victor Suarez. Washington requested consultations after Mexico softened an original plan to ban GMO corn across the board and instead opened its use for animal feed and industrial use. The Mexican policy "does not affect U.S. corn producers in any way," Suarez said, contradictory to the U.S.' claims.

☆ After growing GM corn for decades, some US farmers open to Mexican restrictions
▼ + stars: | 2023-04-06 | by ( Tom Polansek | ) www.reuters.com time to read: +5 min

"I'm all for free and fair trade," said Fred Huddlestun, who grows GM corn and soybeans in Yale, Illinois. Supporters of the policy say GM corn can contaminate Mexico's age-old native varieties and have questioned its impact on human health. NCGA said GM corn is safe and it will fight all illegal trade barriers for farmers. But many would consider growing more non-GM corn, if the price were right. "You need to make it worth my while," said Illinois farmer Dave Kestel, who grows GM corn and sells seed for Corteva.

☆ Shanghai exchange cancels Syngenta IPO hearing -filing
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 28 (Reuters) - The Shanghai Stock Exchange has cancelled a hearing to review Swiss agrichemicals and seeds group Syngenta's initial share offering (IPO) plan, a filing posted on the exchange showed. Syngenta, which planned to raise 65 billion yuan ($9.44 billion) in its Shanghai flotation, was bought for $43 billion by ChemChina in 2017 and folded into Sinochem Holdings Corp in 2021. The Shanghai exchange, which planned to conduct the hearing on Wednesday, did not provide a reason for the cancellation. Companies planning IPOs on the exchange need to appear before a panel for a hearing as a requirement for proceeding with their listing. ($1 = 6.8821 Chinese yuan renminbi)Reporting by Meg Shen and Twinnie Siu; editing by Jason Neely, Jane Merriman and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Syngenta 4Q profit falls as raw material prices increase
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 22 (Reuters) - Swiss agrichemicals and seeds group Syngenta on Wednesday reported a 25% drop in fourth quarter earnings due to higher raw materials and energy costs. Sales rose 4% to $7.5 billion boosted by strong growth in its seeds business. "As previously indicated, farmers accelerated their purchases earlier in the year due to supply concerns, moderating fourth quarter growth," the company said. "The group continued to maintain higher prices necessary to offset elevated raw material and other costs," it added. The parent company plans to keep a majority stake after its $10 billion flotation, which is expected to value Syngenta at around $50 billion.

☆ Syngenta’s weakening crops may dim IPO prospects
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 22 (Reuters Breakingviews) - Syngenta’s earnings hit comes at an unfortunate time. Yet a 25% fall in fourth-quarter EBITDA may dim owner ChemChina’s hope for a bumper valuation. Valued on the same 9.2 times multiple as Corteva (CTVA.N), the business may command a valuation of less than $50 billion. In 2022, Syngenta reported the lowest EBITDA growth and margin of its three main rivals: Corteva, Bayer (BAYGn.DE) and BASF (BASFn.DE). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

REUTERS/Nick Carey/File PhotoWASHINGTON, March 6 (Reuters) - Several federal agencies will work together on competition issues in the seed sector as part of a broader Biden administration push to enhance competition in agriculture, the U.S. Department of Agriculture (USDA) announced Monday. The USDA, Patent and Trademark Office, Department of Justice, and Federal Trade Commission will start up a working group on intellectual property and competition in the seed and agricultural input sector, USDA said. USDA is also creating a "farmer seed liaison" role to deliver on recommendations in a report released by the agency today on how to promote competition in the seed industry. USDA issued a $73 million round of funding under the same program last fall. Reporting by Leah Douglas in Washington and Karl Plume in Chicago Editing by Nick Zieminski and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese weather balloon maker denies connection to downed spy balloon
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 25 (Reuters) - Chinese weather balloon manufacturer Zhuzhou Rubber Research & Design Institute said it had no connection to the balloon shot down by the United States earlier this month and was not a military company. Zhuzhou Rubber, a unit of Chinese state chemical giant ChemChina, said it "is mainly engaged in manufacturing sounding balloons of natural latex in compliance with all applicable laws and regulations". "Our products are used for daily weather forecasting by weather stations, and do NOT have any connection with the so-called and reported U.S. balloon incident," it said in a statement posted on ChemChina's website. A suspected Chinese surveillance balloon, which Beijing denies was a government spy vessel, flew over the United States and Canada for a week before being shot down off the Atlantic Coast on U.S. President Joe Biden's orders. China has called the U.S. handling of the balloon incident "hysterical" and an "absurd" act that violated international norms.

☆ Exclusive: State-backed Chinese fund buys stake in energy trader Mercuria
▼ + stars: | 2023-02-22 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

LONDON, Feb 22 (Reuters) - A subsidiary of China's CNIC Corp has bought a minority stake in Swiss-based global energy trader Mercuria, sources familiar with the matter said. China's top oil producer CNOOC was in 2022 preparing to sell its stakes in assets in Britain, Canada and the United States. The CNIC subsidiary bought the stake of just under 5% in Mercuria last year, the sources said. The unit that bought into Mercuria is focused on China's energy transition and provides a foothold for Mercuria in the country as the Geneva-based trader seeks to expand its presence in clean energy sources. Founded in 2004, Mercuria is among the top five global oil traders, moving around two million barrels per day of crude oil and refined products.

☆ Explainer: What we know and don't know about the Chinese balloon
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +6 min

Here's what we know, and don't know, about the balloon that has triggered a dramatic diplomatic dispute between the two powers:HOW BIG IS IT? WAS IT A WEATHER BALLOON? Other companies that develop stratospheric balloon systems include U.S. space tourism firm World View and French firm CNIM Air Space. AIR is particularly keen on stratospheric balloon technology and has posted several articles on its WeChat account about Aerostar. read moreWhile analysts did not yet know the size of the Chinese balloon fleet, U.S. officials have spoken of dozens of missions since 2018 across five continents, with some targeting Japan, India, Vietnam, Taiwan and the Philippines.

LAUNCESTON, Australia, Nov 8 (Reuters) - China's imports of crude oil rebounded in October, but the details aren't as strong as the headline number suggests. PetroChina started trial operations at a 200,000 bpd crude unit at its new refinery in Guangdong, while Shendong Petrochemical is also starting operations at its new 320,000 bpd plant in Jiangsu province. This appears to have resulted in China boosting imports from the kingdom, with Refinitiv Oil Research estimating that October arrivals were 1.91 million bpd, up from 1.84 million bpd in September. Rising exports of refined products are also acting as a spur to crude imports, with 4.46 million tonnes of fuel being shipped out in October. This was down from September's 1.5 million bpd and August's 1.23 million bpd, but it's worth noting that the past three months have been strongest since July last year.

☆ EXCLUSIVE Energy trader Mercuria buys back ChemChina stake
▼ + stars: | 2022-10-25 | by ( Julia Payne | Loucoumane Coulibaly | ) www.reuters.com time to read: +1 min

LONDON, Oct 25 (Reuters) - Trading house Mercuria Energy Group has bought back the minority stake that Chinese state-owned ChemChina held in the Geneva-based company since 2016, a spokesperson for Mercuria said on Tuesday. ChemChina was China's largest chemical group and owned 530,000 barrels per day (bpd) of refining capacity when it bought a 12% stake in Mercuria during an expansionary phase by many Chinese firms. ChemChina bought Swiss fertiliser and pesticide maker Syngenta the same year for $43 billion. Before the merger, ChemChina was poised to increase its stake in Mercuria in 2018. In return, Mercuria was set to gain a stake in the Chinese giant, but the deal did not go ahead.

U.S. West Texas Intermediate crude (WTI) <CLc1> for November, that is expiring on Thursday, was at $83.17 a barrel, up 35 cents, or 0.4%. Register now for FREE unlimited access to Reuters.com RegisterU.S. crude inventories fell unexpectedly last week - down 1.7 million barrels, weekly government showed, against expectations for a build of 1.4 million barrels. SPR levels fell 3.6 million barrels to just over 405 million, the lowest since May 1984. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. There were also some signs of resurgent Chinese oil demand, including private mega refiner Zhejiang Petrochemical Corp (ZPC) and state-run ChemChina receiving further import quotas.

☆ Oil prices rise as investors seek riskier assets and on China demand outlook
▼ + stars: | 2022-10-19 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices were also buoyed as risk sentiment was lifted by upbeat U.S. corporate earnings and rising equity markets. That is equal to about 104 million barrels. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the final tranche of the 180 million barrels release announced earlier this year, a senior U.S. official said. Gasoline inventories declined by about 2.2 million barrels while distillate stockpiles dropped by 1.1 million, the sources said.

☆ JP Morgan Swiss head Bossart moves to Rothschild & Co
▼ + stars: | 2022-09-29 | by ( Oliver Hirt | ) www.reuters.com time to read: +2 min

ZURICH, Sept 29 (Reuters) - U.S. investment bank JP Morgan's head of Switzerland, Nick Bossart, is moving to Rothschild & Co (ROTH.PA) to lead its Swiss advisory business for mergers and capital market transactions, two people familiar with the situation told Reuters. With Bossart, the French investment bank wants to expand its market share in Switzerland. During this time, he made JP Morgan the third-largest investment bank in Switzerland after Credit Suisse (CSGN.S) and UBS (UBSG.S). Before joining JP Morgan, he worked at Deutsche Bank (DBKGn.DE) and UBS. JP Morgan had said in July that Bossart was leaving and would be replaced by Reinout Böttcher.

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