Monsanto Abandons Bid For Syngenta; To Focus On Standalone Growth Plan

(RTTNews) - Agricultural products giant Monsanto Co. (MON) said Wednesday it was informed by Swiss crop chemicals company Syngenta AG (SYT) that Monsanto's enhanced takeover proposal did not meet Syngenta's financial expectations.

Monsanto confirmed it communicated a revised proposal on August 18 to Syngenta to combine the two companies. Without a basis for constructive engagement from Syngenta, Monsanto said it will now continue to focus on its growth opportunities built on its existing core business and resume the implementation of its approved share repurchase program as soon as practical.

In addition, Monsanto confirmed its confidence in delivering its five-year plan to more than double fiscal-year 2014 ongoing earnings per share by 2019.