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Switzerland: Syngenta CEO will continue to fight off Monsanto

By  |  July 23, 2015

Syngenta AG executives trumpeted the pesticide-and-seed maker’s recent performance and its prospects as a standalone company, in their fullest explanation yet of why they have rejected a roughly $45 billion takeover offer from U.S. rival Monsanto Co.

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    The Swiss company, which Thursday reported less-severe-than-expected declines in sales and earnings for the first half, said its long-term strategy provides investors a superior value with less risk than Monsanto’s takeover proposal. The comments come as Syngenta Chief Executive Michael Mack prepares for a series of investor meetings in which he is expected to confront frustration from some shareholders who would like the firm to formally entertain a Monsanto deal.

    “All you have to do is look at the results and look at the potential of the business,” Mr. Mack said in an interview Thursday. “The industry is having a downturn, but we are turning in a big set of results.”

    Monsanto’s proposed deal is “inadequate on so many perspectives” and too vulnerable to objections from antitrust regulators, Mr. Mack said. “The answer is still no; on deal uncertainty, on risk, on value,” he said.

    Full content: The Wall Street Journal

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