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FARMING

Cheminova sold to FMC for $1.8 billion

Auriga Industries sells its subsidiary Cheminova to FMC Corporation, which says it has long eyed the Danish company.

US-based FMC Corporation announced Monday it is buying Denmark's multinational insecticide and pesticide maker Cheminova for $1.8 billion (8.5 billion kroner) in an all-cash transaction.
 
The seller is Auriga Industries A/S and the purchase is due to be finalized in early 2015.
 
"Cheminova is a company that we have long considered to be an attractive potential partner," FMC Corporation president, chief executive and chairman Pierre Brondeau said in a statement. "It follows a similar strategic approach to FMC in applying technology to deliver solutions to its customers, and has a highly complementary product portfolio and geographic footprint."
 
Brondeau said the transaction would also boost FMC's positions in certain crops and boost access to others, such as cereals, increasing cotton, soybean and sugarcane offerings to customers.
 
In order to solidify its balance sheet, FMC also expects to complete a sale of Alkali Chemicals by mid-next year.

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POLITICS

France vows to block EU-South America trade deal in current form

France has vowed to prevent a trade deal between the European Union and the South American Mercosur bloc from being signed with its current terms, as the country is rocked by farmer protests.

France vows to block EU-South America trade deal in current form

The trade deal, which would include agricultural powers Argentina and Brazil, is among a litany of complaints by farmers in France and elsewhere in Europe who have been blocking roads to demand better conditions for their sector.

They fear it would further depress their produce prices amid increased competition from exporting nations that are not bound by strict and costly EU environmental laws.

READ ALSO Should I cancel my trip to France because of farmers’ protests?

“This Mercosur deal, as it stands, is not good for our farmers. It cannot be signed as is, it won’t be signed as is,” Economy Minister Bruno Le Maire told broadcasters CNews and Europe 1.

The European Commission acknowledged on Tuesday that the conditions to conclude the deal with Mercosur, which also includes Paraguay and Uruguay, “are not quite there yet”.

The talks, however, are continuing, the commission said.

READ ALSO 5 minutes to understand French farmer protests

President Emmanuel Macron said Tuesday that France opposes the deal because it “doesn’t make Mercosur farmers and companies abide by the same rules as ours”.

The EU and the South American nations have been negotiating since 2000.

The contours of a deal were agreed in 2019, but a final version still needs to be ratified.

The accord aims to cut import tariffs on – mostly European – industrial and pharmaceutical goods, and on agricultural products.

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