Syngenta says Monsanto's offer is not serious
Basel-based Syngenta, rebuffed an initial approach by Monsanto in May partly on the grounds it did not address regulatory concerns. The U.S. company then offered to pay Syngenta $2 billion if the merger failed to get approval from regulators, but this was rejected as "wholly inadequate".
Syngenta Chairman Michel Demare said the company would consider future proposals but only if they fulfilled certain requirements.
"A serious proposal to buy Syngenta has to be made at full and fair value," Demare said in a video on the company's YouTube channel.
"It has to recognize for shareholders the inherent combination benefits. And it has to provide a high degree of certainty that the transaction will be closed, including compensation in case the deal fails."
Demare said Monsanto was trying to buy Syngenta "on the cheap" and that the board had unanimously rejected the initial approach. ■