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ChemChina Looking To Raise $35 Billion In Loans To Help Finance Takeover Of Syngenta

Jayson Derrick

Banks are eager to provide China National Chemical Corp., also known as ChemChina, with at least $35 billion to help finance its $43 billion acquisition of Syngenta AG (ADR) (NYSE: SYT).

Bloomberg, citing "people familiar with the matter," said that ChemChina has hired China Citic Bank International to arrange a $15 billion loan facility which the company has committed to fully guaranteeing. The loan is expected to be syndicated in Asia.

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The China Citic loan details were also reported by The Wall Street.

Bloomberg added that ChemChina will be meeting with bankers this week for a separate $20 billion, which will be borrowed by Syngenta and not guaranteed by ChemChina.

Shares of Syngenta were trading lower by nearly 1 percent at $79.95 early Monday morning.

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