Syngenta rejects Monsanto's latest offer

Syngenta has rejected a second takeover offer from Monsanto Co, saying that the newly-introduced breakup fee added to the original offers terms was “wholly inadequate”.

On Sunday, US peer Monsanto reiterated its offer to buy the Swiss agricultural company for CHF449 a share. Monsanto said the offer represented a 43% premium to Syngenta’s share price before reports of a merger surfaced in April.

“Monsanto's second letter represents the same inadequate price, same inadequate regulatory undertakings to close, same regulatory risks and same issues associated with dual headquarters' moves. As such, we have reiterated our prior rejection of Monsanto's proposal,” said Syngenta.

Monsanto’s new offer included a $2bn reverse breakup fee that would be payable to Syngenta if the deal was blocked by regulators.