Monsanto Abandons Syngenta Bid - Update

(RTTNews) - Agricultural products company Monsanto Co (MON) on Wednesday said it has abandoned efforts to buy Syngenta AG (SYT), citing recalcitrance on the part of the Swiss pesticide producer to its sweetened offer.

Monsanto last week raised its offer for Syngenta to 470 francs per share, or about $47 billion, from a prior offer in April of about $45 billion, but in vain.

Without a basis for constructive engagement from Syngenta, Monsanto will continue to focus on growth opportunities built on existing core business, the company said.

Following the announcement, Monsanto shares gained about 9 percent on the New York Stock Exchange.

Had a merger been agreed upon, it would have created a leading company for seeds and pesticides.

Syngenta had all along said the Monsanto offer was inadequate and too vulnerable to objections from antitrust regulators.

Monsanto said it would continue to focus on core businesses, and confirmed its confidence in delivering its five-year plan to more than double fiscal-year 2014 ongoing earnings per share by 2019.

Monsanto stock is trading at $97.11, up $7.69 or 8.60%, on the NYSE.