(Reuters Breakingviews) - Beijing’s bureaucrats are exposing their investment-ba...
The logo of Swiss agrochemicals maker Syngenta is seen on a farm in the village of Geispitzen, France June 27, 2017. REUTERS/Arnd Wiegmann
Geng Wenbin, China’s man in Bern, said the 2017 acquisition would not have gone through had he been on the scene a year earlier, according to an interview with a local newspaper. “If Switzerland wants Syngenta back, I would convince ChemChina to sell it,” he said. “But is there anybody at all in Switzerland who wants Syngenta back?” If so, the price just went down.
Empire-building came at a cost: ChemChina’s debt, adjusted for various items, stood at an eye-watering 12 times EBITDA in 2017, according to Moody’s Investors Service. The multiple has fallen, but only to about 10 times at the end of last year. That the massive overseas purchase occurred just as China embarked on a deleveraging drive didn’t help. Following media reports that Ren may not have fully cleared the deal in Beijing, he was replaced last year by Sinochem Chairman Ning Gaoning.
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