*UPDATED with audio*

Here’s some big news of the day. Syngenta announced today that ChemChina has offered to acquire the company for $43 billion.

The Board of Directors of Syngenta considers that the proposed transaction respects the interests of all stakeholders and is unanimously recommending the offer to shareholders. There is committed financing for the deal and a strong commitment to pursue regulatory clearances. A Swiss and U.S. tender offer will commence in the coming weeks and the transaction is expected to conclude by the end of the year.

Syngenta’s existing management will continue to run the company. After closing, a ten member Board of Directors will be chaired by Ren Jianxin, Chairman of ChemChina, and will include four of the existing Syngenta Board members. ChemChina is committed to maintaining the highest governance standards with a view to an IPO of the business in the years to come.

Syngenta already has a full multi-media website devoted to the deal – syngenta-growth.com.

Syngenta Chief Operating Officer Davor Piskof held a press call with reporters Monday to talk about the deal, noting that the offer will allow Syngenta “to continue as a stand alone company,” and keep its commitment to research and innovation. “To ensure that Syngenta remains Syngenta (is) one of the most important elements of this transaction,” said Piskof, adding that it “helps preserve choice for growers at a time when we’re seeing a lot of consolidation.”

Listen to entire call here to learn more: Syngenta COO Davor Piskof