ChemChina Could Announce $43 Billion Acquisition Of Syngenta This Week

Shares of Syngenta AG (ADR) (NYSE: SYT) spiked higher by nearly 7 percent early Tuesday morning following a report by Bloomberg that the company could be acquired by China National Chemical Corp. (also known as ChemChina) for 43.7 billion francs, or $42.8 billion this week.

Bloomberg, citing "people familiar with the matter," reported that ChemChina could announce its acquisition of Syngenta as early as Wednesday when the Swiss-based agribusiness giant reports its earnings.

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Bloomberg added the acquisition price tag represents a 24 percent premium to Syngenta's closing price of 378.40 francs on February 1.

Benzinga reported on December 9 that ChemChina was eyeing an acquisition of Syngenta. Bloomberg also reported in mid-January that a deal could be announced in early February.