Monsanto CEO Offers to Open Books to Syngenta to Spur Talks
2015-07-23 18:16:40.188 GMT
By Aaron Kirchfeld and Simon Thiel
(Bloomberg) -- Monsanto Co. said it’s willing to open its
books to Syngenta AG if the Swiss pesticide maker will do the
same and begin takeover talks.
The offer of due diligence is the latest incentive touted
by Monsanto after Syngenta’s rejection in May of an initial,
unsolicited $45 billion takeover bid. Syngenta said the offer is
too low faces and faces risks from antitrust regulators.
“Not only would we allow reciprocal due diligence, I think
shareholders would expect it,” Monsanto Chairman and Chief
Executive Officer Hugh Grant said in a telephone interview
Thursday. “We’ve always been open to the possibility of
improving the offer, but we need to engage in some form of due
diligence.”
Syngenta, the world’s largest pesticide company, has so far
refused to give Monsanto any access. On Thursday, it reiterated
its opposition to a deal and used an upbeat earnings report to
argue it can remain independent.
Syngenta also said it will meet with investors over the
next week. Grant, who met with Basel-based Syngenta shareholders
earlier this month, said the Swiss company should expect to be
told it must engage in talks with Monsanto.
Grant said St. Louis-based Monsanto will keep lobbying
shareholders on the merits of a friendly combination, while
retaining the option to go hostile in the future if necessary.
“We need to keep reaching out and being patient,” he
said.
For Related News and Information:
Paulson Said to Build Stake in Syngenta to Support Monsanto
Syngenta Profit in Spotlight as Monsanto Courts Investors
Syngenta Open to ‘Serious’ Bid as It Lines Up Investor Talks
Monsanto news: MON US <Equity> CN <GO>
Top commodity stories: CTOP <GO>
Bloomberg Intelligence Basic Chemicals: BI BDCH <GO>
Bloomberg Intelligence Agricultural Chemicals: BI AGCH <GO>
To contact the reporters on this story:
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Simon Thiel in London at +44-20-3525-2814 or
sthiel1@bloomberg.net
To contact the editors responsible for this story:
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net
Simon Casey, Steven Frank
2015-07-23 18:16:40.188 GMT
By Aaron Kirchfeld and Simon Thiel
(Bloomberg) -- Monsanto Co. said it’s willing to open its
books to Syngenta AG if the Swiss pesticide maker will do the
same and begin takeover talks.
The offer of due diligence is the latest incentive touted
by Monsanto after Syngenta’s rejection in May of an initial,
unsolicited $45 billion takeover bid. Syngenta said the offer is
too low faces and faces risks from antitrust regulators.
“Not only would we allow reciprocal due diligence, I think
shareholders would expect it,” Monsanto Chairman and Chief
Executive Officer Hugh Grant said in a telephone interview
Thursday. “We’ve always been open to the possibility of
improving the offer, but we need to engage in some form of due
diligence.”
Syngenta, the world’s largest pesticide company, has so far
refused to give Monsanto any access. On Thursday, it reiterated
its opposition to a deal and used an upbeat earnings report to
argue it can remain independent.
Syngenta also said it will meet with investors over the
next week. Grant, who met with Basel-based Syngenta shareholders
earlier this month, said the Swiss company should expect to be
told it must engage in talks with Monsanto.
Grant said St. Louis-based Monsanto will keep lobbying
shareholders on the merits of a friendly combination, while
retaining the option to go hostile in the future if necessary.
“We need to keep reaching out and being patient,” he
said.
For Related News and Information:
Paulson Said to Build Stake in Syngenta to Support Monsanto
Syngenta Profit in Spotlight as Monsanto Courts Investors
Syngenta Open to ‘Serious’ Bid as It Lines Up Investor Talks
Monsanto news: MON US <Equity> CN <GO>
Top commodity stories: CTOP <GO>
Bloomberg Intelligence Basic Chemicals: BI BDCH <GO>
Bloomberg Intelligence Agricultural Chemicals: BI AGCH <GO>
To contact the reporters on this story:
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Simon Thiel in London at +44-20-3525-2814 or
sthiel1@bloomberg.net
To contact the editors responsible for this story:
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net
Simon Casey, Steven Frank