Syngenta AG is moving on from Monsanto Co.'s roughly $45 billion takeover attempt for the Swiss seed and pesticide maker and is concentrating on improving its own business in Latin America, Chief Executive Mike Mack said.
"The Monsanto issue is now behind us," Mr. Mack said in an interview Thursday, as the Basel-based company reported a 12% drop in third quarter sales as weaker currencies reduced the amount of sales in U.S dollars, Syngenta's reporting currency.
Syngenta shareholders have reacted angrily to the company rejecting Monsanto's offer, citing a lack of consultation from management over the approach. Syngenta's shares have plunged in value since the rejection which followed a four-month pursuit.
"We are talking to investors all the time," Mr. Mack said.
The immediate priority was to improve the company's business in South America, where it has been hit by a slide in the value of the Brazilian Real and credit constraints for farmers in Argentina.
Source: Marketwatch.com