Valagro & Syngenta Crop Protection exhibit interest in SICIT tender

By Patrick Miller |

Popular Swiss business unit Syngenta Crop Protection AG has made it to the headlines for confirming its interest in carrying out a proposed transaction with SICIT Group S.p.A., together with Valagro S.p.A.  In accordance, and in consistency with the Letter of Interest that was delivered to the SICIT Group, Valagro and Syngenta have now reportedly obtained access to limited confirmatory due diligence information.

If sources are to be believed, both companies are in the process of expediting the review of this information so as to decide whether they plan to go ahead with the proposed tender offer. For the record, the said voluntary tender offer on the SICIT Group is pursuant to Article 102 and 106, fourth paragraph, of the Italian Financial Act.

Official reports from the Syngenta Group claim that the firm remains convinced of a potential transaction between Valagro and Syngenta and the SICIT Group. The official press release by the company also claims that the firm will be retaining Intesa Holding as SICIT’s long-term shareholder and will remain open to dialogue.

Apparently, the talks of SICIT’s involvement in a transaction with Valagro and Syngenta had already begun to take shape a week before. As per an official press release, both the companies had submitted a non-binding expression of interest last week, to the SICIT Group’s Board of Directors. For the unversed, the SICIT Group is listed on the MTA, Star Segment, Borsa Italiana.

The press release clearly states that this expression of interest is indicative of the companies’ intent to submit an all-cash voluntary tender offer. Additionally, the company states that it has submitted its non-binding expression of interest to the SICIT Group and its major stakeholders on a transparent, open, and friendly basis.

The firm apparently believes that a combination between Valagro, Syngenta, and SICIT Group may hold tremendous potential and can offer incredible benefits to clients, employees, shareholders, and stakeholders.

For the uninitiated, Syngenta is considered to be one of the world’s leading agriculture companies, and comprises business units Syngenta Seeds and Syngenta Crop Protection. The company aims to bring about adequate quality, sustainability, and safety in agricultural practices with the help of innovative crop solutions.



Source Credits:

https://www.syngenta.com/en/company/media/syngenta-news/year/2021/syngenta-crop-protection-and-valagro-confirm-interest-sicit

Comments

Post a Comment

Add your comment here

Popular posts

UK PM and Bill Gates announce new green partnership

By Hope Hill |
U.S. business magnate Bill Gates and UK Prime Minister Boris Johnson have made it to the headlines for announcing a new partnership between the government and the Breakthrough Energy Catalyst. The deal entails a substantial amount to be invested in next-gen clean energy technologies. For the unversed, Catalyst is a vital program within the Breakthrough Energy network and brings together a variety of parties – businesspersons, philanthropists, and governments, to invest in climate technologies. Catalyst focuses on four major green technology areas including long term energy storage, direct air capture, green hydrogen, and sustainable aviation fuels. As per sources, the UK government has already pledged to commit GBP 200 million to develop UK projects in these four areas as a part of the GBP 1 billion Net Zero Innovation Portfolio. Businesses that have had tie-ups with the Breakthrough Energy Catalyst will match fund GBP 200 million of that investment to help market these technologies...
Read more

Mars embarks on new initiative to reduce GHG emissions across value chain

By Patrick Miller |
Mars, Incorporated, has declared that it has a new mission in mind. The company has strengthened its commitment to accomplish a state of net zero GHG emissions spanning its overall value chain, by the year 2050. Mars’ mission aligns with the prestigious Paris Agreement, one of the most ambitious climate change action plans, that aims to limit global temperature rises up until 1.5 °C. Grant F. Reid, Chief Executive Officer, Mars, has some real-time insights into the present climate change situation. He has been quoted to state that faster initiatives must be taken at this point of time, since climate change is already well on its way to affecting people and to eliminate this threat, net zero targets must be implemented seamlessly, across whole distribution networks and the results must be depicted soon enough, instead of having to waiting for ages. Reid acknowledges the fact that a lot of loopholes exist in some net zero commitments that reduce their credibility and at large, the cli...
Read more

Munters signs turnkey project to build lithium battery laboratory

By Patrick Miller |
Energy and climate solutions leader Munters has reportedly signed a turnkey project agreement entailing the construction of a laboratory in Scandinavia. As per sources, the company plans to design and build a lithium battery laboratory in the Scandinavian region, strengthening its position as a major supplier to lithium battery producers. Munters’ step ahead may be an action initiated in favor of climate change that is increasing the demand for lithium batteries the world over. Munters’ ability to build the unit and its competence to ensure appropriate execution of the construction was a major requirement by the client. As per terms and conditions, the company will deliver the project over the forthcoming six months. The project valuation adds up to around MSEK 83.5. Klas Forsström, President and Chief Executive Officer, Munters, has been quoted to state that with increasing focus being given on minimizing carbon emissions, there’s a strong megatrend of sustainability in the market...
Read more