Monsanto no longer pursuing Syngenta deal

US-based Monsanto said on Wednesday that it is no longer offering to acquire agriculture group Syngenta after the Swiss company said its improved bid of CHF470 was not up to scratch.

“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,” Monsanto said in a statement.

Shares in Syngenta rocketed on Tuesday following media reports that Monsanto had sweetened its bid for the company to around $47bn after its earlier approach was rejected.

Syngenta share nosedived on the news and by 1600 BST, were down 16.7% at CHF315.60.