SOURCE: Monsanto Undeterred, Continues Pursuit Of Syngenta Buyout
May 12, 2015 U.S. agrochemicals firm Monsanto has not given up on a proposed takeover of Swiss rival Syngenta, an unnamed source close to Monsanto told Reuters after an initial $45 billion bid was denied.
It is still working on the deal and could decide to increase its initial bid which valued the firm at 449 Swiss francs a share, a 36% premium to Thursday’s closing price.
A deal would give Monsanto, which dominates the market for seeds and genetically-modified crops, access to lucrative crop protection chemicals and create an industry behemoth with combined sales of more than $31 billion.
Syngenta rebuffed the cash-and-shares offer, saying it undervalued its prospects and did not fully take into account regulatory risks.
But the Swiss firm does not consider the deal dead, according to another source, who is familiar with Syngenta.
Read the full reports from reporters Pamela Barbaglia and Alexander Hübner via Reuters.com.
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