Swiss Syngenta rejects takeover bid by US Monsanto

8th May 2015, Comments 0 comments

Swiss farm chemicals powerhouse Syngenta said Friday it had rejected a takeover bid by US seed giant Monsanto, saying its offer was too low.

In a statement, Syngenta confirmed April reports that Monsanto had made an offer for a merger that would have formed a world market leader in both seeds and crop chemicals.

"The Board of Syngenta confirms that it has received an unsolicited proposal from Monsanto to acquire the company at a price of 449 Swiss francs ($486) per Syngenta share with approximately 45 percent in cash," said the statement.

"The offer fundamentally undervalues Syngenta's prospects and underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries," it said.

Rumours of a possible merger between the two giants also surfaced nearly a year ago, in June 2014, but nothing came of them.

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© 2015 AFP

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