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Shares in Syngenta dropped as much as 9 per cent yesterday amid signs that ChemChina’s proposed $44bn takeover of the Swiss agribusiness group may be dragged into a lengthy EU competition probe.
先正达(Syngenta)的股价昨日下跌最多达9%，有迹象表明中国化工(ChemChina)对这家瑞士农业综合企业发起的440亿美元收购可能被拖入漫长的欧盟(EU)反垄断调查。
ChemChina declined to submit any concessions to European competition authorities before a deadline last week, a step investors and analysts saw as necessary to gain early approval from the European Commission.
中国化工拒绝在上周的最后期限之前向欧洲的竞争事务主管部门提交任何让步，而投资者和分析师普遍认为，此类让步是获得欧盟委员会(European Commission)及早批准所必需的。
They added that they now expect the commission to launch an in-depth investigation into the agribusiness megadeal — the biggest Chinese takeover of a foreign company.
他们补充说，他们现在预期，欧盟委员会将对这笔大规模的农业企业交易（中资有史以来对境外企业的最大收购）启动深入调查。
A deeper EU probe would increase the risk that the year-end deadline for completing the deal, which ChemChina had communicated to investors, is missed. After falling 9 per cent, Syngenta’s shares were down 6 per cent lower, at SFr397.5, at close of trading in Zurich.
中国化工曾通知投资者，完成这笔交易的截止期限是今年年底，更深入的欧盟调查将增加错过这一期限的风险。昨日先正达股价在瑞士苏黎世一度下跌9%，收盘下跌6%，至397.5瑞士法郎。
These declines represent the latest in a series of jitters surrounding the takeover. In recent weeks, ChemChina has also faced questions over its ability to pay for the transaction as well as reports that the Chinese government is looking to merge it with its mainland rival Sinochem.
股价下跌代表着围绕这笔收购的一系列变数的最新一例。近几周来，中国化工还面临着它是否有能力为这笔交易买单的问题，同时有报道称，中国政府考虑将其与国内竞争对手中化集团(Sinochem)合并。
One investor said: “Shareholders in Syngenta have been rattled in recent weeks as a result of Chinese media reports that their own journalists have been unable to confirm all parts of the ultimate financing structure for the ChemChina takeover.”
一位投资者说：“先正达的股东在近几周一直紧张不安，因为中国媒体报道称，他们的记者无法核实中国化工收购的最终融资结构的所有部分。”
The shareholder said further concerns centred on “whether a potential merger between Sinochem and ChemChina could have implications for the Syngenta deal”.
该股东表示，进一步的担忧集中于“中化集团与中国化工的潜在合并会不会对先正达交易产生影响”。
Companies typically offer concessions during the European regulators’ initial review of a takeover, in an attempt to obtain quick approval. In the ChemChina-Syngenta deal, the commission has until Friday either to approve the deal or to launch a “phase two” investigation. It has declined to comment.
企业通常在欧洲监管机构对收购进行初步审查期间提交让步，以求获得快速批准。对于中国化工与先正达的交易，欧盟委员会应该最迟在周五批准交易或发起“第二阶段”调查。该机构不愿发表评论。
ChemChina’s decision not to offer any concessions could therefore indicate confidence in phase one approval for the deal — or a belief that an in-depth review is inevitable. ChemChina did not respond to requests for comment.
因此，中国化工决定不作出任何让步，可能表明有信心在第一阶段审查中顺利过关，也可能表明相信深入审查反正不可避免。中国化工没有回应记者的置评请求。
A Syngenta spokesman referred to its previous guidance that the transaction was expected to close by the end of the year. A “constructive dialogue” with the EU was continuing, the company added, but a broader update on the transaction will be provided today, when Syngenta is scheduled to publish a trading statement for the third quarter.
先正达发言人提到其先前的指引，即预计这笔交易将在年底完成。该公司补充说，与欧盟的“建设性对话”正在继续，但该公司将在今日发布第三季度经营业绩，届时将更全面地介绍这笔交易的进展情况。
Analysts at Bernstein said they believed the decision by ChemChina suggested the deal will go to a phase two review.
伯恩斯坦(Bernstein)的分析师们表示，他们认为中国化工的决定似乎表明，这笔交易将经受第二阶段审查。
“By going into phase two for a more detailed review, ChemChina-Syngenta might be able to go through with smaller concessions (divestments) than what they will have to do now if they want to clear it in phase one,” the analysts said.
“相比争取在第一阶段就过关，通过进入第二阶段的更详细审查，中国化工-先正达也许能够以更小的让步（资产剥离）过关，”这些分析师表示。
