21 September 2012 08:55 [Source: ICIS news]
SINGAPORE (ICIS)--Switzerland-based Syngenta said on Friday it will acquire Belgium-based hybrid seed firm Devgen for €403 ($523m) in a move to reinforce its position in the global rice market.
Syngenta is offering €16 for each Devgen share, the Switzerland-based agrochemicals firm said in a statement.
The bid has been recommended by the Devgen’s board of directors and is supported by a number of major shareholders holding about 48% of the company’s shares, it said.
“This acquisition will significantly reinforce our leading global position in rice, enabling us further to expand our integrated offers by incorporating the next generation of hybrid rice,” added Davor Pisk, the chief operating officer of Syngenta.
($1 = €0.77)
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