Syngenta Potential Dow AgroSciences Buyer?
It's a possibility, according to Bloomberg News Service, which reports that Syngenta would consider the purchase if Dow AgroSciences is put up for sale.
March 9, 2009
It’s a possibility, according to Bloomberg News Service, which reports that Syngenta would consider the purchase if Dow AgroSciences is put up for sale.
“We have no formal confirmation that the business is for sale,” Medard Schoenmaeckers, a spokesman for Basel, Switzerland-based Syngenta told Bloomberg recently by phone. “Of course, it would be an opportunity that we would be interested in looking at.”
Dow, the largest U.S. chemical maker, may sell Dow AgroSciences as it looks to fund its $15.4 billion buyout of Rohm & Haas Co., according to analysts. Dow CEO Andrew Liveris said last month that completing the Rohm & Haas acquisition, which was due by Jan. 27, would threaten the survival of the combined company.
Dow AgroSciences, which had $4.5 billion in sales last year, is worth $5 billion to $7 billion because the business has steady revenue growth and earnings, according to HSBC analyst Hassan Ahmed. DuPont Co. and Monsanto Co. also have similar businesses and are prospective buyers, he said.
(Source: Bloomberg News Service)