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BEIJING (Reuters) – Swiss seed and crop protection product producer Syngenta has withdrawn its application for an IPO on the Shanghai Stock Exchange, a statement released by the Chinese Stock Exchange showed on Friday.
The initial public offering (IPO), which would have valued the Sinochem-owned company at around $60 billion (€55.69 billion), has been postponed several times since its announcement in 2021, due to security conditions. unfavorable market.
The Shanghai Stock Exchange, which gave the green light to this IPO last year, therefore closed the file.
Reuters was not immediately able to contact Syngenta.
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Last November, company executives said the company was planning an IPO for 2024, which would have allowed them to raise $10 billion.
(Reporting Andrew Hayley and writing from Beijing; French version Alban Kacher, editing by Kate Entringer)
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