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December 4, 2012
05:05 EDTSYTSyngenta's Agrisure Artesian outperforms comparable hybrids
Syngenta announced that results from expanded US field trials have confirmed that corn hybrids with the Agrisure Artesian native trait outperform comparable hybrids. An average yield advantage of around 17% was observed across severe and extreme drought conditions. In areas of severe drought stress, Agrisure Artesian hybrids increased yields by 12%. The yield gain in extreme drought conditions reached 48%. Under moderate drought and in good conditions, Agrisure Artesian technology matched or exceeded the yield of comparable hybrids. This means that growers can manage the risk of drought while being assured of top yield potential in normal years.
News For SYT From The Last 14 Days
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August 31, 2015
05:59 EDTSYTSyngenta to conduct review of product portfolio, may seek partners, Reuters says
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05:19 EDTSYTSyngenta downgraded to Neutral from Buy at UBS
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August 30, 2015
21:28 EDTSYTSome Syngenta shareholders critical of rejected Monsanto deal, WSJ says
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August 28, 2015
16:29 EDTSYTStocks end volatile week higher as China whipsaws U.S. market
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August 27, 2015
07:14 EDTSYTSyngenta coverage resumed with a Neutral at BofA/Merrill
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August 26, 2015
16:26 EDTSYTOn The Fly: Top stock stories for Wednesday
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12:57 EDTSYTSyngenta 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 EDTSYTOn The Fly: Top stock stories at midday
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12:47 EDTSYTSyngenta 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 EDTSYTSyngenta drops after Monsanto ends bid
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11:18 EDTSYTMonsanto 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 EDTSYTSyngenta 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 EDTSYTMonsanto confirms making revised proposal to Syngenta on August 18
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10:37 EDTSYTMonsanto says no longer pursuing current proposal for Syngenta combination
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10:36 EDTSYTMonsanto says no longer pursuing current proposal for Syngenta combination
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10:22 EDTSYTSyngenta trading halted, news pending
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August 25, 2015
13:10 EDTSYTSyngenta investor: CHF470 per share 'good price,' Reuters reports
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09:47 EDTSYTSeveral Monsanto shareholders opposed to Syngenta pursuit, CNBC reports
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August 24, 2015
12:17 EDTSYTMonsanto to raise Syngenta bid to about CHF470 per share, Bloomberg says
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11:44 EDTSYTMonsanto 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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