Agricultural chemicals giant Syngenta AG has rejected Monsanto Co.’s $45.2 billion unsolicited takeover offer, finding faults with the price and other hurdles. ‘The offer fundamentally undervalues Syngenta’s prospects and underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries,’ Syngenta’s board of directors asserted in a May 8 statement. According to The Deal’s Andrew Bulkeley, part of Monsanto’s rationale for the deal may be a tax inversion strategy that would see it reincorporate in Syngenta’s native Switzerland. However, challenges would abound for the embattled agricultural chemical and seed companies if they tried to combine. The Deal’s Senior Reporter Lisa Allen has the details from New York.
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