Syngenta flames on the stock exchange in Zurich. The action jumped 15.3% after the group said it had rejected an offer from Monsanto.
Not requested, the proposal of the American giant seed was rejected unanimously by the board, which held that it undervalues the growth prospects of the Helvetic group.
Monsanto proposed 449 Swiss francs per share, with about 45% in cash, detailed Syngenta in a statement.
President of the Swiss group, Michel Started recalled that Syngenta is currently the world number three seed and that Monsanto approach ‘does not reflect the exceptional growth prospects offered by the integrated strategy nor the significant potential for future development of innovation in the field of culture and the company’s leading positions’. And to underline the strength of Syngenta in emerging countries, which represent more than 50% of its sales.
The operators therefore welcome the firmness of the group facing an offer, obviously, they judged them also unsatisfactory.
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