(Beijing) – China National Chemical Corp. has secured a US$ 50 billion line of credit from a group of banks so that it can buy the Swiss agrochemicals company Syngenta AG, a person close to the deal says.

ChemChina said on February 3 it reached a deal to purchase the pesticide and seed company for US$ 43 billion. The state-owned company said the transaction includes a special dividend of 5 Swiss francs per share to be paid immediately and an extra dividend of 11 Swiss francs to shareholders in May.

The line of credit, which involves both domestic and foreign banks, is necessary because the Swiss government requires the deal to be completed in cash, the source close to the transaction said.

ChemChina's president, Ren Jianxin, will take over as chairman of Syngenta, the Chinese company said. The company vowed it would not make changes to Syngenta's daily operations and management.

Syngenta will be independently run from its current headquarters in the Swiss city of Basilea, ChemChina said, and Syngenta's chairman, Michel Demare, will serve as deputy chairman and independent director.

The acquisition is subject to anti-trust reviews by authorities in countries where both companies have operations, including the Committee on Foreign Investment in the United States (CFIUS).

The source close to the deal said he is confident CFIUS, an inter-agency body headed by U.S. Treasury Secretary Jack Lew, will not object.

Syngenta's CEO, Davor Pisk, said in an earlier interview with Caixin, that the prospects of an anti-trust review were important in choosing a buyers, and the company picked ChemChina is because there was little overlap in their markets.

Syngenta said in a statement on February 3 that the deal will help it expand in emerging markets such as China where it sees great potential. Pisk was quoted as saying that company plans to grow in the nation like it has elsewhere.

Syngenta reported US$ 11.4 billion worth of pesticide sales in 2014, equal to one-fifth of the global market. Its share price rose by 2.7 percent to 403 Swiss francs on February 3. This is lower than the 480 Swiss francs per share that ChemChina agreed to pay.

Syngenta turned down an offer from the U.S. seed company Monsanto Company last year because of what Pisk said were "differences they could not reconcile over Syngenta's capitalization."

(Rewritten by Li Rongde)