Monsanto drops bid for Syngenta

Monsanto has dropped its $47 billion bid for Swiss agribusiness firm Syngenta.

“Without a basis for constructive engagement from Syngenta, Monsanto will continue to focus on its growth opportunities built on its existing core business to deliver the next wave of transformational solutions for agriculture,” Monsanto officials said in a statement.

Syngenta rejected two $45 billion offers from Monsanto, and said the company did not adequately address opposition from antitrust regulators.

While Monsanto shares moved up on the news Wednesday, Syngenta shares were down.

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