Unmoving objection to merger leads US giant to drop pursuit
US agrochemical and biotechnology behemoth Monsanto has abandoned its efforts to negotiate a merger deal with rival Syngenta.
In the past few months, Monsanto has made a series of progressively higher-value offers of merger terms to Syngenta, culminating in a bid worth approximately CHF43 billion (£30 billion). However, Syngenta has rejectedeachapproach, maintaining that the union is not in the interest of either the business or its shareholders.
Following formal negotiations following Monsanto’s latest offer, Syngenta claims Monsanto failed to address key concerns about various aspects of the proposals, from the costs of merging and potential savings available to the merged company, to the risks and benefits of Monsanto’s proposed tax inversion that would make the UK its financial headquarters.