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Monsanto abandons Syngenta takeover bid

Monsanto announced today it is dropping its bid to acquire Syngenta after Syngenta rebuffed Monsanto’s latest offer.

In a news release, Monsanto confirmed that its latest proposal, which was made last week and said to be worth 47 billion dollars, was rejected by Syngenta. As a result, Monsanto said, it is “no longer pursuing the current proposal for a Syngenta combination” and will instead focus on its existing core business.

Syngenta also issued a news release, saying it rejected Monsanto’s offer because it “significantly undervalued the company and was fraught with execution risk”. Syngenta said that it “engaged with Monsanto in good faith”, but accused Monsanto of failing to “provide sufficient clarity” on key issues.

Syngenta reiterated earlier statements that its “long-term prospects remain very attractive with a leading portfolio and a promising pipeline of news products and technologies.”