** charts before earnings **
** charts after earnings **
Syngenta beats by $0.65; revs in-line; sees merger with ChemChina closing in Q2:
Reports FY16 EPS of $17.03 vs $16.38 Capital IQ consensus; revs declined 5% YoY to $12.79 bln vs $12.79 bln consensus (2% lower at constant exchange rates)
Merger update- ChemChina transaction expected to close in Q2 of 2017 AGM scheduled in June; no regular dividend proposed
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Chinese state-owned Sinochem and ChemChina are in merger talks to create the world's biggest industrial chemicals firm, to be headed by Sinochem chief Ning Gaoning.
A deal could be announced by the end of the year, potentially just months after ChemChina completes its own $43 billion purchase of Switzerland's Syngenta (SYT), China's biggest overseas deal to date.
Beijing sees a Sinochem/ChemChina deal as a blueprint for streamlining and consolidating its sprawling, debt-heavy state-owned enterprises, leaving fewer, but more powerful, national champions.
A deal is not yet final, and China's 19th Communist Party Congress later this year leaves room for some political uncertainty.
The expected retirement of ChemChina chief Ren Jianxin in January may speed up the process, one of the people said, to allow for a handover period.
Ren, known for bold deals including Syngenta and the purchase of Italian tyremaker Pirelli, has spent over a decade and billions of dollars expanding ChemChina, founding a popular noodle chain along the way.
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