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Syngenta to Buy Biotech Seedmaker Devgen for $523 Million

Syngenta AG agreed to buy Devgen for about 403 million euros ($523 million) as the Swiss maker of agrochemicals extends a move into seed products based on biotechnology.

Investors of the Belgian hybrid-rice seedmaker will get 16 euros a share, Basel-based Syngenta said. The price is 70 percent higher than Devgen’s closing price yesterday. The asset will have a “very significant impact” on Syngenta’s $500 million rice business, Chief Operating Officer Davor Pisk said in an interview today.