Syngenta Group’s planned $10 billion (CHF9.3 billion) initial public offering (IPO) in China has been temporarily suspended due to missing financial information from the agrichemical giant, the Shanghai Stock Exchange said on Monday.
State-owned ChemChina bought the Basel-based Swiss agriscience group Syngenta for $44 billion in 2017. ChemChina’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year.
The STAR market suspended 57 applications on September 30, citing a lack of updated financial information. Under bourse rules, applicants must provide additional information if financial materials in applications are outdated.
“The application review has been temporarily paused”,
ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources told Reuters.
Foreign investment control system
The takeover of Syngenta in 2017 and airline catering business Gategroup by Chinese companies in 2016 sparked a reaction by the Swiss authorities and new rules.
In the future the takeover of Swiss companies by foreign state-owned or state-linked funds is to be better regulated. The government has laid down the broad outlines of a foreign investment control system. Concerned about the international trend of company takeovers, parliamentarians adopted a motion in March 2020 to protect the Swiss economy.
Swiss foreign minister praises improved relations with Italy
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Swiss Foreign Minister Ignazio Cassis expressed his satisfaction on Tuesday with the good relations that Switzerland has developed with Italy.
Boating and swimming to be banned on part of River Aare in Bern
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From September, the city and canton of Bern will be carrying out extensive construction work on the River Aare to protect against flooding and to renovate the Marzili outdoor pool.
Moutier: foreigners familiarise themselves with right to vote
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From 2026, Moutier will be part of the Swiss canton of Jura, gaining more than 1,000 new voters. On Monday around 50 people were informed about their new rights.
Switzerland ‘more than ready’ to host Ukraine summit
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Switzerland is more than ready to host a summit between Russia and Ukraine, says Swiss Foreign Minister Ignazio Cassis, highlighting Switzerland's expertise in this area.
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Every second aircraft at Zurich Airport took off late this summer. However, the situation has already improved significantly compared to last year.
Swiss union federation demands average wage increase of 2%
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The employees' umbrella organisation Travailsuisse is demanding an average wage increase of two percent for all employees in the coming year. This would cover the rising cost of living and make up for wage shortfalls in recent years.
‘Dr Pump’ sentenced for administering unauthorised substances
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A Bern Regional Court has found the Solothurn doctor known as "Dr Pump" guilty of offences against the Sports Promotion Law. The man had administered unauthorised substances to patients.
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Volunteering can have a positive effect on mental health. According to a survey conducted in Switzerland, Germany and Austria, people who volunteer for others also strengthen themselves.
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Twint is being used more and more frequently to make purchases at the till or transfer money to friends using a smartphone. By the middle of the year, the payment app already had more than six million users in Switzerland.
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The meeting between Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin should take place in Europe, according to French President Emmanuel Macron. He is calling for it to be held in Geneva.
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Over 60% of Swiss voters have thrown out a pair of initiatives aiming to ban the use of synthetic pesticides in the country.
Swiss-based firms spend tens of millions lobbying Brussels
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The chemicals industry invested the most money (up to €8.4 million) in presenting their arguments to top EU officials on proposed regulations, legislation and other matters. The Swiss-based Dow Europe spent up to €2.75 million while pharmaceutical company Novartis weighed in with upwards of €2.5 million and crop protection firm Syngenta spent some €1.75 million.…
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