Wed, Nov. 25, 3:42 AM
- Syngenta (NYSE:SYT), in the past a takeover target for Monsanto, is looking at takeovers, joint ventures or asset sales, the company's chairman told Switzerland's Tages-Anzeiger.
- "I would be surprised if no transaction materializes in the next half year," Michel Demare said in an interview published on Wednesday.
- Syngenta shares have climbed 15% YTD.
Fri, Nov. 20, 8:55 AM
- Syngenta (NYSE:SYT) is suing several grain trading firms including Cargill and Archer Daniels Midland (NYSE:ADM) over losses some U.S. farmers say they sustained after China rejected shipments of genetically modified corn, WSJ reports.
- The lawsuit, filed in U.S. District Court in Kansas, stems from a legal dispute that arose last year when grain companies and farmers sued SYT, arguing the company should compensate them for lost sales and depressed corn prices they say arose from the rejected shipments.
- SYT is contesting those allegations, and argues in the new lawsuit that big grain merchants should be on the hook for the losses.
Wed, Nov. 18, 2:23 PM
- Syngenta (SYT -3.7%) and other major players in the seeds and crop chemicals industry are in active discussions about potential tie-ups, Financial Times cites Chairman Michel Demare as saying in an interview.
- Conversations among the leading companies in the sector were "extremely active... "We are all convinced that [the sector] will look quite different in six months," Demare says.
- The comments come after Monsanto (MON +1.4%), which withdrew a bid to take over SYT earlier this year, said yesterday it was discussing whether to acquire or merge with major rivals in the seed and agrochemical industries.
Tue, Nov. 17, 2:32 PM
- Monsanto (MON -0.8%) top execs are discussing whether it should try to acquire agrochemical rivals, including another potential run at Syngenta (SYT +6.8%), MON President Brett Begemann says.
- The internal discussions, ongoing since MON abandoned its $46B offer for SYT in August, include weighing the benefits of bidding for rivals such as Bayer CropScience (OTCPK:BAYRY +1.1%), Reuters reports.
- MON expects its profit growth will reach 20%/year, and says it does not need a big acquisition to achieve its previously reported goal of doubling earnings to more than $10/share by 2019, Begemann also says.
- Earlier: Syngenta pops on news of another Monsanto approach
Tue, Nov. 17, 11:27 AM
Mon, Nov. 16, 12:59 PM
- ChemChina has approached sovereign wealth funds including China Investment Corp. to help pay for a potential acquisition of Syngenta (SYT -3.6%), although the funds, which could help ChemChina finance such a large purchase, have not yet agreed to participate, Bloomberg reports.
- ChemChina reportedly has offered 449 francs/share in cash, valuing the Swiss pesticide maker at 41.7B francs ($41.4B); SYT reportedly considered the figure was too low but served as a basis for discussions.
Fri, Nov. 13, 9:14 AM
Thu, Nov. 12, 5:44 PM
Thu, Nov. 12, 5:27 PM
- ChemChina is in talks to buy Syngenta (NYSE:SYT) and while a deal is not imminent, an agreement could be reached over the next few weeks, Bloomberg reports.
- ChemChina made an offer to buy SYT for ~449 Swiss francs/share, which would value SYT at ~41.7B francs ($42B), but the company rejected the offer because of regulatory risk, according to the report.
- Monsanto earlier this year offered to buy SYT for 449 francs/share, the same price now reportedly offered by ChemChina.
Thu, Nov. 5, 4:13 PM
- DuPont (DD +0.8%) is in discussions with Syngenta (SYT +6.3%) and Dow Chemical (DOW +0.4%) about potential major agriculture deals, Dow Jones reports.
- DD is said to be discussing potential combinations involving its ag division with SYT and DOW, as deal talk has gathered steam since Monsanto (MON -1%) abandoned its effort to acquire SYT in August; MON instead could face the threat of much-enlarged competitors if its rivals end up combining and it strikes no combination of its own.
- U.S. farm income is on pace to hit its lowest level in nearly a decade, pressuring profits in the global market for GMO seeds and chemicals to kill weeds and insects.
Wed, Oct. 21, 2:19 PM
- Syngenta (SYT +6.4%) will continue to review its seed portfolio and look for deal opportunities but does not plan to engage Monsanto (MON +0.7%) on takeover talks, Chairman Michel Demaré tells Dow Jones in an interview following the sudden resignation of CEO Mike Mack.
- MON's proposal was financially risk and too low, Demaré says, and its rejection was "a unanimous decision" by SYT's board.
- SYT will be proactive in looking for openings to make its own acquisitions or seek to buy pieces spun off if rivals combine, Demaré says.
- Mack's exit did not arise from a difference over the company's strategy or its rejection of MON's takeover offer, the CEO adds.
Wed, Oct. 21, 9:15 AM
Wed, Oct. 21, 1:52 AM
- Syngenta (NYSE:SYT) CEO Mike Mack has announced he will be leaving the pesticide and seed maker at the end of October, and will be replaced by CFO John Ramsay until the appointment of a new chief executive.
- The resignation comes only a few months after Syngenta fought off a $45B takeover attempt by Monsanto.
- "I believe that this is an appropriate time for the company to benefit from the perspectives of a new leader," Mack said, calling current market conditions challenging. "I wish John every success in his new role."
Thu, Oct. 15, 8:42 AM
- Syngenta's (NYSE:SYT) Q3 sales fell by a more than expected 12% Y/Y to $2.6B, as the weak currency in Brazil - the company's second largest market, with 19% of total sales in 2014 - hurt results in its overseas business.
- SYT forecasts its full-year EBITDA will fall ~5% from last year's $2.93B because of currency effects; however, the company maintains its 2015 target of an improvement in its EBITDA margin from 19.3% last year, helped by cost cutting efforts.
- "The Monsanto issue is now behind us," CEO Mike Mack tells WSJ, referring to the company's rejection earlier this year of Monsanto's $45B takeover bid, adding that SYT is now concentrating on improving its business in Latin America.
- Analysts say the weak Q3 results will further pressure SYT management; a fund manager at THS Partners says “the comments on Monsanto show that the company still does not understand how unhappy shareholders are, made worse by these bad results and poor outlook.”
Wed, Sep. 16, 11:58 AM
- Syngenta (SYT +0.9%) is preparing to launch the sale of its vegetable seeds business and has asked JPMorgan to organize the sale of the unit that could fetch ~$2B, Reuters reports.
- SYT is under pressure to offer tangible rewards to shareholders after it turned its back a takeover bid from Monsanto; at its R&D day, the company highlighted 15 new products in its pipeline and sees peak sales of more than $6B.
- The vegetable seeds unit had sales of $663M last year, representing ~4% of the company sales.
Wed, Sep. 16, 7:32 AM
- For investors upset about Syngenta's (NYSE:SYT) rejection of Monsanto's takeover overtures - they now have more to look forward too?
- The pesticide maker just announced a pipeline of new products, including fungicides and hybrid wheat, with sales potential of more than $6B.
- The details were released as Syngenta prepares to host an investor day at its R&D center northern Switzerland.
Syngenta AG is involved in the discovery, development, manufacturing and marketing of products designed to improve crop yields and food quality. The Company is also engaged in the lawn and garden business.
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