Syngenta to sell vegetable seed business

by Keith Nunes
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Syngenta plans to divest its global vegetable seeds business.

BASEL, SWITZERLAND — Syngenta plans to divest its global vegetable seeds business in an effort to accelerate shareholder value creation, according to the company. The announcement comes shortly after Monsanto pulled its proposal to acquire Syngenta in a deal that would have been worth $46 billion.

The company also announced plans to implement a share repurchase program. The initial program of more than $2 billion will commence in the coming weeks, according to the company.

“The board and management are determined to accelerate shareholder value creation and our actions today underpin our commitment to do so,” said Michel Demare, chairman of Syngenta. “Our commitment is also shown by the significant capital return program that we announced today.”

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