Switzerland | Transactions
Syngenta Crop Protection and Valagro withdraw from potential SICIT Group transaction
The companies consider difficulties in developing a reasonable path towards a transaction with the group in which they initially took an interest in their acquisition.5/14/2021
Syngenta Crop Protection AG (“Syngenta”) and Valagro S.p.A. (“Valagro”) have decided not to pursue their interest for SICIT Group S.p.A. (“SICIT Group”) and to abandon the intention to launch a voluntary tender offer over SICIT Group's shares pursuant to articles 102 and 106, fourth paragraph, of the Italian Financial Act.
"Syngenta and Valagro appreciate the availability of SICIT Group to consider our interest and the access to confirmatory due diligence information. Syngenta and Valagro continue to be impressed with the SICIT Group team, business and products.
Nonetheless, the latest circumstances have left it difficult for Syngenta and Valagro to develop a reasonable path forward for a transaction and, as a result, Syngenta and Valagro will not be proceeding with the proposed transaction. We, of course, continue to wish the best success for SICIT Group and all associated with SICIT Group", Syngenta and Valagro say.
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