Syngenta Unmoved by Monsanto Overtures Echoing Earlier Terms

Syngenta AG, target of an unwanted $45 billion takeover approach by Monsanto Co., said its U.S. suitor has failed to convince it of the merits of a merger and is repeating the “same inadequate price” with a flawed view of the execution risks.

The only change in Monsanto’s proposal since the first offer from April 18 is a “wholly inadequate” breakup fee of $2 billion, the Basel, Switzerland-based maker of agrochemicals and seeds said in a statement on Monday. The U.S. company’s next move may be to formalize its approach and possibly take it directly to shareholders, Berenberg analyst John Klein said.