Syngenta rejects initial offer from Monsanto

By Jane Byrne contact

- Last updated on GMT

Related tags: Stock market

Syngenta rejects initial offer from Monsanto
Biotechnology giant, Syngenta, has spurned a $45 billion takeover offer from Monsanto, claiming the offer undervalued the Swiss company.

Syngenta said the “unsolicited​” bid, which would value it at CHF 449 ($480) per share did not fully take into account regulatory and execution risks.

“Monsanto’s proposal does not reflect the outstanding growth prospects of Syngenta’s integrated strategy and the significant future value potential of the company’s crop-focused innovation and market leading positions,”​ said Michel Demaré, chairman of the Swiss agrichemical group.

He said if Syngenta’s valuation is currently affected by short term currency and commodity price movements, the business outlook is strong, with emerging markets accounting for over 50% of its sales.

Analysts expect Monsanto to make a counter offer.

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