An upbeat earnings report Thursday was used by Swiss based Syngenta to bolster its case against a takeover bid from U.S. rival Monsanto. Syngenta company officials say the numbers prove it can stand alone with a product pipeline stretching to the end of the decade. Chief Executive Officer Mike Mack told Bloomberg “a lot of the new products are starting to pay off.” Monsanto is seeking a $45 billion takeover, or combination, with Syngenta. Monsanto has approached Syngenta three times in the last four years, according to Bloomberg. Syngenta’s earnings before interest, tax and depreciation reached $2 billion in the first half of the year. Analysts had predicted $1.91 billion. Monsanto CEO Hugh Grant said he remains ready to discuss a combination between the two companies, saying the earnings announcement confirms Syngenta still does not have a long-term vision or plan that can surpass Monsanto’s proposal.
Source: NAFB News Service