On February 29, with the signing of a series of handover documents with U.S. Monsanto Company, the handover procedures of Sinochem International's acquisition of Monsanto's pesticide businesses in the Philippines, Thailand, Vietnam, India, Pakistan, Bangladesh, and Taiwan (China) were completed successfully.
This time's acquisition was the first major global M&A in the history of Sinochem International, and marked an active attempt in its business expansion process; it not only unveiled the prelude to internationalized operation in Sinochem Internationals agricultural chemical business, but also accumulated experience for similar operations in the future.
Since signing asset transfer agreement with Monsanto on January 21, Sinochem International organized a work team consisting of over 10 persons to devote whole-heartedly to asset handover. Within the span of 39 days, the work team traveled repeatedly among 6 Asian countries, and completed 50 legal documents covering asset, technology, and supply and transition period arrangement after 5 rounds of negotiation, and set up 4 branches in related countries and regions to facilitate asset reception. The work team also worked overtime during Spring Festival holiday period to speed up the progress of various legal procedures and administrative approval formalities, and finally completed ownership transfer of M&A assets ahead of schedule at the end of the second month after agreement signing.
Agricultural chemical business is a business with distinct seasonal features, the completion of this time's M&A handover ensured smooth transition of relevant customer resources and sales system, won over extra time for Sinochem International to implement integration and transition, and therefore held significance for improving both the operation proceeds of acquired assets in 2008 and thus the overall earnings of the whole M&A project.