Syngenta to divest vegetable seeds business
In a move to appease shareholders unhappy with Syngenta’s rejection of Monsanto’s repeated overtures for acquisition, Syngenta is to divest its vegetable seeds business. The company also intends to return “significant levels” of capital to shareholders through a share repurchase programme. The initial programme of more than $2 billion will commence in the coming weeks. “The board and management are determined to accelerate shareholder value creation and our actions today underpin our commitment to do so,” says chairman Michel Demaré.