FT: ChemChina Closing In On Higher Bid For Syngenta

The Financial Times reported on Monday that China's largest chemicals company, ChemChina, is said to be "closing in on a higher offer" to acquire the Switzerland-based Syngenta AG (ADR) (NYSE: SYT).

The publication noted that a fresh acquisition offer is merely part of the Chinese state-owned buying spree. The company acquired Italy's Pirelli for $7.9 billion last year, but is now eyeing a much larger acquisition target.

ChemChina underwent an attempt to acquire Syngenta last year after valuing the company at $42 billion. However, Financial Times noted that ChemChina's Chairman and General Manager, Ren Jianxin remain ambitious and motivated to see a deal come through.

"Once Ren Jianxin has an acquisition target in his sights, he does not let go of it," the report stated.

If ChemChina is successful in acquiring Syngenta, it would represent the largest international M&A deal for a Chinese company and give Jianxin his "second major trophy" in as many years.

Shares of Syngenta were trading higher by 0.28 percent at $71.06 shortly after Monday's opening bell.