Grassley Statement on FTC Settlement with ChemChina “While this transaction has cleared the FTC, there remain concerns with the potential unfair competitive advantages state-owned enterprises have over American companies.
BigNews.Biz - Apr 07,2017 - Grassley Statement on FTC Settlement with ChemChina
WASHINGTON - Sen. Chuck Grassley of Iowa made the following statement regarding a Federal Trade Commission settlement requiring ChemChina and Syngenta to divest certain U.S. assets as a condition of its merger.
“While this transaction has cleared the FTC, there remain concerns with the potential unfair competitive advantages state-owned enterprises have over American companies.
“This Congress, I plan to reintroduce legislation that will help level the playing field by ensuring that foreign state-owned enterprises aren’t given special legal protections that American companies don’t have. Foreign state-owned companies should not be able to hide behind immunity laws while benefiting from their access to American markets and consumers.
“The federal government should pay more attention to the national security implications of mergers and acquisitions when foreign state-owned enterprises attempt to purchase a part of the nation’s critical infrastructure, including the food and agriculture supply. I’ve introduced a bill that would give top USDA and FDA officials a permanent seat at the table when these mergers are reviewed from a national security perspective.
“The broader trend toward consolidation within the agriculture and chemical industries is troubling, and much more needs to be done to ensure that American industry, consumers and national security are protected. I will continue to press for answers regarding these remaining concerns I have about this and similar mergers.”