ChemChina wins EU, US nods for Syngenta takeover

Brussels/Washington - China National Chemical Corp won the European Union's antitrust approval for its $43 billion takeover of Swiss pesticide maker Syngenta AG, a day after the US gave its blessing, bringing China's largest foreign acquisition closer to the finish line.

ChemChina's offer to divest some pesticides and other agricultural products will remove "problematic overlaps" and allow EU regulators to clear the deal, the European Commission said in an emailed statement.

The US required the companies to divest three types of pesticides as a condition for completing the deal. The companies expect to close the deal by the end of June. The transaction still needs approval from Chinese antitrust authorities.