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Stock Market & Financial Investment News

News Breaks
January 8, 2013
10:04 EDTMON, BASFYMonsanto plans to launch DroughtGard corn with BASF this year
Says on track with Phase III field testing.
News For MON;BASFY From The Last 14 Days
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August 27, 2015
07:24 EDTMONMonsanto valuation attractive, says Deutsche Bank
After Monsanto announced that it had abandoned its pursuit of Syngenta, Deutsche Bank says the acquisition "would have been strategically sound." However, the firm thinks that Monsanto's valuation is attractive and keeps a $130 price target and Buy rating on the shares.
August 26, 2015
16:26 EDTMONOn The Fly: Top stock stories for Wednesday
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12:57 EDTMONSyngenta plunges as Monsanto drops offer for company
Shares of agribusiness firm Syngenta (SYT) are dropping after rival Monsanto (MON) decided to drop its current proposal to acquire the company. WHAT'S NEW: U.S.-based Monsanto announced this morning that although it still believes that the acquisition of Syngenta would have created "tremendous value," it will no longer pursue the deal that it initiated in late April. Monsanto confirmed that on August 18 it enhanced its offer for Syngenta to a value of CHF 470 Swiss per share in cash and stock. Monsanto had originally offered CHF 449 per share for Syngenta, which has resisted Monsanto's overtures from the beginning, saying the deal is inadequate and vulnerable to regulatory risk. Monsanto noted that its sweetened bid did not meet Syngenta's expectations and that "without a basis for constructive engagement from Syngenta, Monsanto will continue to focus on its growth opportunities built on its existing core business to deliver the next wave of transformational solutions for agriculture." Syngenta confirmed the receipt of a verbal proposal from Monsanto, but said its board "unanimously" rejected the revised offer. In addition to "significantly undervaluing the company," Syngenta said that recent market volatility highlighted the significant risk for its investors and noted that "key issues" were not sufficiently addressed by Monsanto in its revised proposal. WHAT'S NOTABLE: Monsanto said in a statement that it will continue its focus on opportunities within its existing core business and resume the implementation of its approved share repurchase program as soon as practical. Monsanto confirmed its confidence in delivering its five-year plan to more than double fiscal-year 2014 ongoing earnings per share by 2019. PRICE ACTION: Shares of Syngenta are down 11.14%, or $8.70, to $69.39 while Monsanto is up 8.32%, or $7.44, to $96.86 in midday trading.
12:47 EDTMONOn The Fly: Top stock stories at midday
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12:47 EDTMONSyngenta confirms verbal proposal from Monsanto, 'unanimous' rejection
The Board of Syngenta (SYT) confirms that it received a verbal proposal from Monsanto (MON) to acquire the company at a price of CHF245 in cash and a fixed ratio of 2.229 Monsanto shares per Syngenta share. At market close on August 25 this equated to a price of CHF 433 per Syngenta share. After engaging with Monsanto on their latest approach, the Board unanimously rejected their revised proposal. It significantly undervalued the company and was fraught with execution risk. Furthermore, recent market volatility highlighted the significant risk for Syngenta shareholders resulting from the structure of this proposal. In addition, certain key issues were not addressed by Monsanto in sufficient detail to allow Syngenta to make a proper assessment of the proposed new entity, which would have been 30 percent owned by Syngenta shareholders. In particular, Monsanto did not provide sufficient clarity on the following four issues: 1. Their estimate of total cost and revenue synergies; 2. Their assumptions regarding net sales proceeds of seeds and traits; 3. The nature and extent of regulatory covenants that they were prepared to offer; 4. The assessment of risks and benefits from a tax inversion to the United Kingdom. Michel Demare, Chairman of Syngenta, said: "We engaged with Monsanto in good faith and highlighted those key issues which required more concrete information in order to continue a dialogue. We take note of Monsanto's decision. Our Board is confident that Syngenta's long-term prospects remain very attractive with a leading portfolio and a promising pipeline of new products and technologies. We are committed to accelerate shareholder value creation."
11:19 EDTMONSyngenta drops after Monsanto ends bid
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11:18 EDTMONMonsanto trades up
The stock had been languishing near lows in the early part of the session, but have since spiked on outlook and after dropping its bid for Syngenta (SYT). At the last price of $95.84, resistance is at the session high at $97.01. Support is at $91.31, the opening price of the day.
10:51 EDTMONSyngenta reopens, down 16% to $65.70 after Monsanto ends current pursuit
Monsanto (MON) shares are up 5.5% to $94.31 after announcing it is no longer pursuing its current proposal for a Syngenta (SYT) combination and confirming its confidence in more than doubling its FY14 ongoing EPS by 2019.
10:39 EDTMONMonsanto confirms making revised proposal to Syngenta on August 18
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10:38 EDTMONMonsanto says confident in delivering five-year plan
10:38 EDTMONMonsanto confirms confidence in more than doubling FY14 ongoing EPS by 2019
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10:37 EDTMONMonsanto says no longer pursuing current proposal for Syngenta combination
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10:36 EDTMONMonsanto says no longer pursuing current proposal for Syngenta combination
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10:22 EDTMONSyngenta trading halted, news pending
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10:20 EDTMONMonsanto trading halted, pending news
August 25, 2015
13:10 EDTMONSyngenta investor: CHF470 per share 'good price,' Reuters reports
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09:47 EDTMONSeveral Monsanto shareholders opposed to Syngenta pursuit, CNBC reports
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07:08 EDTBASFYBASF added to Best of Bernstein list at Bernstein
Bernstein believes that the decline of BASF's stock has created a buying opportunity, as the firm thinks that the company's fundamentals remain strong. Bernstein predicts that the company will generate 6% EBIT growth this year, beating the consensus outlook and its guidance. It keeps an Outperform rating on the shares.
August 24, 2015
12:17 EDTMONMonsanto to raise Syngenta bid to about CHF470 per share, Bloomberg says
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11:44 EDTMONMonsanto to raise Syngenta bid to about CHF 470 per share, Bloomberg says
This would equate to about $47B and be up from CHF 449 per share previously, Bloomberg noted.
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