ChemChina in talks to buy Syngenta

China National Chemical Corp is in talks to buy Swiss pesticide maker Syngenta AG in what would be the largest acquisition by a Chinese company of a European target, people with knowledge of the matter said.

The State-owned ChemChina offered about 449 Swiss francs ($448) a share, which values Syngenta at about 41.7 billion francs, said one of the people, who asked not to be identified because the information is private.

Syngenta, which has a market value of about $32 billion, rejected that offer citing regulatory risk, the person said.