Monsanto Confirms Private Bid For Syngenta

Monsanto Co. on Friday confirmed that it has made a private bid for Syngenta that offers 449.00 Swiss francs per share in a combination of cash and stock. Monsanto confirmed the bid after Syngenta rejected it in a statement that said it undervalues the Swiss company. Monsanto said a combination of the two would create a global leader in agriculture that would create value for shareholders of both companies and generate "substantial" synergies. Syngenta shares were up 20%, while Monsanto shares rose 3%.