US seed company Monsanto increased its offer to buy Switzerland’s Syngenta, valuing the company at around $47 billion.
CNBC reports that Monsanto, which wants to combine its world-leading seeds business with Syngenta’s own seeds and pesticides, raised its offer to 470 Swiss francs ($501.98) per share from CHF 449 per share.
Monsanto, which courted Syngenta twice previously without success, has argued the deal will make both firms more efficient by developing seeds and pesticides in tandem and integrating sales and distribution strategies for the two product categories.
Syngenta has argued the deal faces tough regulatory hurdles that Monsanto has not addressed and that the offer undervalues the company. “We said no in 2011, we said no in 2012, we said no in 2015. What part of no don’t they understand?”, chief executive Michael Mack told a press conference in July at the group’s Basel, Switzerland headquarters.