Geneva: 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.
