Home Indiana Agriculture News Syngenta Says Profits Prove the Company Viable on Its Own

Syngenta Says Profits Prove the Company Viable on Its Own

SHARE

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