The U.S. Committee on Foreign Investment has approved the ChemChina takeover of Syngenta.
Syngenta has not disclosed whether it has made concessions to secure approval; but if it does, the $43 billion agreement would be the largest foreign acquisition ever by a Chinese company.
However, Iowa Senator Chuck Grassley and the Chairman of the Senate Judiciary Committee plans a hearing in late September on seed and chemical company mergers he claims are threatening agriculture input competition. He announced the hearing after the Treasury Department's national security review and is worried a state owned enterprise will have a stake in U.S. agriculture.
Grassley points out two reasons to have a hearing, "Partly to make sure that justice and federal trade commission does a proper job. Partly if there's specific concerns about anti-competitive things like we did in the beer merger last December. Try to get some commitments out of the companies. What they're going to do."
Grassley adds if the ChemChina-Syngenta and Dow-DuPont deals are completed, there would be only four companies left to control major agricultural seed and chemical products.
He expects industry and agency witnesses to testify next month before his panel.