The state-owned China National Chemical Corporation is nearing a deal to acquire Syngenta of Switzerland, one of the world’s biggest manufacturers of agriculture chemicals and seeds, people with knowledge of the discussions said on Tuesday.

An announcement could come as soon as Wednesday, when Syngenta reports earnings, said the people, who spoke on the condition of anonymity, reports the New York Times.

ChemChina has offered to pay about 470 Swiss francs ($461) for every share of Syngenta, one of the people said. That would value Syngenta at approximately $43 billion.

An acquisition is likely to face months if not years of scrutiny, both in Europe and the United States. Because Syngenta has a significant presence in the United States, the Committee on Foreign Investments in the United States, a government panel that reviews takeovers by foreign buyers, would most likely scrutinize any deal.

Syngenta had earlier rebuffed an offer from an American company because of the risk that regulators would not approve the deal. The Swiss company rejected a $47 billion takeover bid by Monsanto in August, arguing the American company’s offer was undervalued and might be difficult to execute.

But after Dow Chemical and DuPont agreed to combine in December, Syngenta’s opportunity for a merger of its own could be more limited, according to a note by Citigroup analysts. They said that the two most feasible outcomes, from a regulatory standpoint with divestitures, would be an acquisition by either Monsanto or ChemChina.

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