Ning Gaoning, chairman of China’s state-owned chemical giant China National Chemical Corp. (ChemChina), is confident in the business of Syngenta and there is no plan to sell the Swiss agrochemicals assets, he said Monday in response to market speculation.

ChemChina’s $43 billion takeover of Syngenta in 2017 is the largest overseas acquisition by a Chinese company. As part of efforts to reduce ChemChina’s debt after the Syngenta takeover, ChemChina merged with state rival Sinochem Group the following year. Ning also serves as the chairman of Sinochem.

However, concerns have persisted about whether the Chinese buyer can effectively integrate the new business. Last week, China’s ambassador to Switzerland, Geng Wenbing, was cited by Swiss media outlet Tages-Anzeiger as saying the deal was a mistake.

“If I had been the ambassador a year earlier, the takeover wouldn’t have taken place,” Geng was quoted as saying. “If Switzerland wants Syngenta back, I would convince ChemChina to sell it.”

Ning said Monday at the Summer Davos in Dalian that ChemChina has no plan to sell Syngenta and instead is pursuing a plan for Syngenta’s business development.

“(Syngenta) will have a great contribution to the agricultural industry, especially in the Chinese market,” Ning said.

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