Reuters — DuPont raised its full-year adjusted profit forecast as it cuts costs ahead of its merger with Dow Chemical, but said the deal may not close by the end of this year as planned. Shares of DuPont, which reported a higher-than-expected quarterly profit on lower expenses and higher sales volumes, were marginally lower at […] Read more
DuPont says Dow merger may get delayed
Agrium, PotashCorp shareholders vote on merger next month
Reuters — Agrium and PotashCorp shareholders will hold separate meetings next month to vote on a merger agreement between the two fertilizer companies, they said in a filing on Thursday. The all-stock deal would combine Potash’s crop nutrient production capacity, the world’s largest, with Agrium’s farm retail network, North America’s biggest. Agrium shareholders will meet […] Read more
U.S. lawmakers skeptical of ag chemical, seed merger wave
Washington | Reuters — U.S. lawmakers expressed concern on Tuesday over a wave of mergers among companies that sell farmers their seeds, herbicides and insecticides, worrying that the deals could lead to higher prices and less innovation at a time of dropping farm incomes. Senator Richard Blumenthal, a Democrat from Connecticut, said the proposed mergers […] Read more
PotashCorp, Agrium make engagement official
The boards of two of the heaviest hitters in Canada’s fertilizer sector have formally agreed to a $47 billion “merger of equals” deal under a new, yet-to-be-named parent company. PotashCorp, the world’s biggest fertilizer company by capacity, and rival Agrium, which is also the world’s biggest crop input retail chain, announced an agreement Monday in […] Read more
EU regulators halt Dow, DuPont merger review to gather data
Brussels | Reuters — European Union antitrust regulators have halted their scrutiny of Dow Chemical and DuPont’s proposed merger while the companies provide more information regarding their US$130 billion deal. The European Commission opened a full investigation into the case in August, concerned that the deal to create the world’s largest integrated crop protection and […] Read more
Monsanto cools on large-scale M+A outlook
Chicago | Reuters –– Monsanto on Wednesday effectively pulled itself out of the mergers-and-acquisitions flurry in the seeds and agrochemicals industry, nearly a year after making a bid for rival Syngenta. The St. Louis-based company, which also reported a drop in second-quarter earnings, now sees its best dealmaking opportunities in smaller acquisitions, licensing deals and […] Read more
Monsanto increases job cuts as corn, chemical sales slump
Reuters — Monsanto said a souring farm economy and currency woes will push its 2016 earnings to the lower end of expectations, while a cost-cutting drive will lead the world’s largest seed company to slash more jobs. Low commodity prices also should lead to more consolidation in the agricultural sector, CEO Hugh Grant said, about […] Read more
Dow, DuPont to merge in deal to create chem giant
Reuters — Chemical giants DuPont and Dow Chemical agreed to merge in an all-stock deal valuing the combined company at US$130 billion in a win for activist investors that could spark further consolidation in the farm chemicals industry. The deal to combine two of the biggest and oldest U.S. chemical producers is a prelude to […] Read more
Syngenta says Monsanto’s $2 bln break-up fee comes with caveat
Frankfurt/Reuters – Syngenta has said a $2 billion break-up fee that unwanted U.S. suitor Monsanto has pledged to pay if its proposed $45 billion merger failed would only apply in limited cases, leaving its shareholders exposed to the bulk of regulatory risks. Swiss Syngenta, the world’s largest maker of farming pesticides, told Reuters that based […] Read more
Syngenta rejects Monsanto’s break fee offer
Monsanto’s offer of a US$2 billion break fee if it can’t get regulatory approval for a merger with crop biotech and ag chem rival Syngenta has been rejected. The offer, made in a letter from St. Louis-based Monsanto on Saturday, “represents the same inadequate price, same inadequate regulatory undertakings to close, same regulatory risks and same […] Read more
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