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Aug. 26, 2015, 12:40 PM
- Syngenta (SYT -11.5%) shareholders are calling on the board to clarify how it intends to make up billions of dollars of lost shareholder value after Monsanto (MON +8.6%) abandoned its takeover bid.
- "We need the board and the management to explain their Plan B," says Pauline McPherson, co-fund manager of Kames Capital's global equity fund, which holds SYT shares.
- Other investors question why SYT's management were so reluctant to open their books
- MON's $46B bid is the largest pulled deal since Valeant Pharma's November 2014 withdrawal of its $54B offer for Allergan.
Aug. 26, 2015, 10:52 AM
- Monsanto (MON +6.5%) says it is no longer pursuing a combination with Syngenta (SYT -15%) after a new bid was rebuffed; shares resume trading after a halt.
- MON says SYT has told it that the company's enhanced proposal did not meet expectations, thus it will continue to focus on growth opportunities built on its existing core business.
- MON says its latest proposal increased the cash component of the proposed takeover to 245 Swiss francs/share and maintained the same number of shares as in its April proposal; the revised proposal translated to a value of 470 Swiss francs/share.
Aug. 25, 2015, 2:14 PM
- Monsanto (MON -2.8%) and Syngenta (SYT -3.1%) are sharply lower after CNBC's David Faber reported earlier about growing opposition among MON shareholders to its continued approach for SYT.
- Reports yesterday indicated that MON had increased its offer for SYT to 470 Swiss francs, up from 449 earlier, and upped its break-up fee by $1B to $3B.
- Faber says he is "hearing significant opposition" to the deal from some major MON shareholders and expects them to relay their concerns to the company soon.
Aug. 24, 2015, 12:23 PM
- Syngenta (SYT +9.3%) spikes higher after Bloomberg reports that Monsanto (MON -1.2%) has made an increased takeover offer to the Swiss company in the hopes of enticing it the negotiating table after MON's earlier approach was rejected.
- The latest offer values SYT at ~470 Swiss francs/share ($503) in cash and stock, compared with the 449 francs MON offered earlier this year, according to the report.
- MON's proposal is said to contain a higher proportion of cash than the prior bid, which envisioned a split of 45% cash to 55% shares, and its proposed fee to be paid if antitrust regulators block the deal has increased to $3B from the previously promised $2B.
Aug. 5, 2015, 2:04 AM
- Are they, or aren't they? Conflicting reports have surfaced over whether Monsanto (NYSE:MON) and Syngenta (NYSE:SYT) are still in merger talks.
- Some suggest that the two are close to a deal on price, while others state they are not even in negotiations at this time.
- Syngenta previously rejected Monsanto's $45B takeover offer in June.
Aug. 4, 2015, 5:30 PM| Aug. 4, 2015, 5:30 PM
Aug. 4, 2015, 12:10 PM
- Monsanto (NYSE:MON) declares $0.54/share quarterly dividend, 10.2% increase from prior dividend of $0.49.
- Forward yield 2.09%
- Payable Oct. 30; for shareholders of record Oct. 9; ex-div Oct. 7.
Aug. 4, 2015, 7:59 AM
- Monsanto's (NYSE:MON) unwanted takeover bid with Syngenta (NYSE:SYT) would face strong resistance in Brazil if it goes forward, a hurdle that could delay or force major concessions to the $45B deal, Reuters reports.
- Brazil, the second-largest market for both companies, is likely to surpass the U.S. as the world's top soybean producer in the coming years, while its tropical climate makes it an enormous pesticide consumer.
- Brazil's regulator, Cade, could spend up to a year, the maximum time allowed, analyzing any potential deal, says one Sao Paulo-based antitrust lawyer.
- Brazilian farmers are opposed to the deal, says the head of Brazil's main farmers' lobby, and the group would closely monitor Cade's evaluation of any merger proposal and could take additional legal measures.
Aug. 3, 2015, 10:58 AM
- German chemicals group BASF (OTCQX:BASFY) has lined up a loan package from large multinational banks for a potential takeover offer for Syngenta (NYSE:SYT), which has rejected a $45B takeover offer from Monsanto (NYSE:MON), Reuters reports.
- BASF would wait for MON to make a bid before making its own move for SYT, and it would be comfortable with no merger at all and the industry status quo prevailing, the report says.
- "BASF will not be a first mover but remain a reactive player," according to one source.
Jul. 27, 2015, 5:22 PM
- Syngenta (NYSE:SYT) says a $2B breakup fee that suitor Monsanto (NYSE:MON) has pledged to pay if its proposed $45B merger fails would apply only in limited cases, leaving its shareholders exposed to the bulk of regulatory risks.
- SYT tells Reuters that based on its legal interpretation of MON's proposal, the payment would be triggered only if horizontal antitrust concerns were to trip up the deal, an interpretation MON has rejected.
- Bernstein analyst Jeremy Redenius says that if the interpretation is accurate, it would amount to a "huge omission" in the guarantees offered to SYT shareholders.
Jul. 23, 2015, 5:21 AM
- Monsanto (NYSE:MON) renewed its efforts to woo Syngenta (NYSE:SYT) today over its buyout proposal after the Swiss agrochemicals maker reported Q2 results.
- "Syngenta's earnings announcement confirms it still does not have a long-term vision or plan that would create the same value as Monsanto's very attractive 449 Swiss franc per share ($45B total) proposal," Monsanto Chairman Hugh Grant declared.
- Syngenta's CEO is not buying it. "We took a serious look at this thing" and found that the attempted takeover offer to be "woefully short," said Michael Mack.
- Previously: Syngenta's upcoming earnings in spotlight as Monsanto courts investors (Jul. 10 2015)
Jul. 20, 2015, 10:59 AM
- Syngenta (SYT -0.2%) plans a series of meetings with investors in Europe and the U.S. as it contends with frustration from some shareholders over its rejection of Monsanto's (MON -0.2%) $45B takeover effort, WSJ reports.
- Some SYT shareholders are said to be voicing discontent over the company’s steadfast refusal over the past three months to enter negotiations with MON and over communications with its own shareholders.
- According to the report, a top five SYT shareholder expressed frustration in private talks with management that it did not discuss MON’s approach with investors first before refusing it; another shareholder, Henderson Global Investors, reportedly told SYT that the takeover proposal is “credible and deserves serious consideration."
Jul. 17, 2015, 7:55 AM
- Any hostile bid by Monsanto (NYSE:MON) for Syngenta (NYSE:SYT) is "not a very compelling idea" and is some way off, MON President and COO Brett Begemann tells Reuters, adding that he is focused on trying to secure a negotiated deal.
- MON is keen to know more about SYT's research capabilities, product liability exposure and the quality of its reported sales, Begemann says; SYT has rejected a $45B bid proposal from MON and refused to open its books.
- If a merger is derailed, MON will try to seek out other acquisitions, or establish a series of partnerships or licensing agreements, to help expand its portfolio of herbicides and agricultural chemicals, Begemann says.
- He declines to say which companies MON might approach either for acquisition or licensing talks, but Bayer CropScience and BASF have been speculated as potential partners.
Jul. 15, 2015, 11:44 AM
- A leading Syngenta (SYT +2.9%) shareholder is criticizing the company's board for excluding all but a very small group of shareholders from talks that could determine the fate of a $45B takeover bid by Monsanto (MON -0.1%), Reuters reports.
- Henderson Global Investors says SYT had relied on a YouTube video to communicate with other investors, a "short-sighted" strategy that likely will prove counter-productive in SYT's attempt to thwart its U.S. suitor.
- "The most recent proposal by Monsanto is credible and deserves serious consideration," a letter from the SYT's 20th biggest shareholder reportedly says.
Jul. 14, 2015, 6:38 PM
- Monsanto (NYSE:MON) says it has arranged for an outside scientific review of a World Health Organization finding that its Roundup weed killer's key ingredient probably causes cancer.
- MON says the process and the findings will be independent and transparent, but it also will be involved in providing information and data for the review.
- The WHO's International Agency for Research on Cancer said in March it had concluded that the ingredient - glyphosate - probably was carcinogenic.
Jul. 14, 2015, 5:02 PM
- John Paulson's hedge fund has taken a significant stake in Syngenta (NYSE:SYT) in a sign of support for Monsanto's (NYSE:MON) $45B takeover offer, Bloomberg reports.
- The stake, which has not been publicly disclosed, reportedly may put Paulson & Co. among the 20 largest shareholders in SYT, but it is not clear if Paulson will go public with his stake and his support of a merger.
- Paulson has a reputation for using his hedge fund to take large positions in companies engaged in ongoing merger discussions and voicing his support for a transaction.
- SYT +1.7% AH.
Monsanto Co along with its subsidiaries provides agricultural products for farmers. Its seeds, biotechnology traits, herbicides and precision agriculture products provide farmers with solutions that improve productivity.
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