Antoine Gara via Forbes:
Agriculture giant Monsanto MON +0.00% has dropped a $46.5 billion hostile bid for Swiss competitor Syngenta , choosing to refocus on a five-year plan to double earnings over an unfriendly merger effort that risked backlash from large shareholders.
Monsanto’s decision to abandon it Syngenta bid after months of back and forth comes amid a share turn in global stock and commodity markets, and paves the way for the St. Louis-based seed and fertilizer giant to buy back stock at multi-year lows. The deal’s failure, Monsanto said, was the result of Syngenta’s unwillingness to engage in a merger the company believed would generate significant synergies for stockholders and increasing product offerings for farmers.
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