miércoles, mayo 12, 2004

Venta de Advanta

Garst va para Syngenta y el resto (incluido Advanta Argentina) va para
Fox Paine:

Syngenta, Fox Paine to Buy Advanta for $475 Million (Update2)

May 12 (Bloomberg) -- Syngenta AG, the world's biggest maker of crop
chemicals, and buyout firm Fox Paine & Co. agreed to buy Advanta BV for
400 million euros ($475 million) to expand Syngenta's share of the U.S.
corn and soybean seed markets.

Syngenta will pay 239 million euros for Advanta's North American corn
and soybean business, the Basel, Switzerland-based company said in a
faxed statement. Fox Paine, based in San Francisco, will pay 161 million
euros for Advanta's operations outside North America and businesses
other than corn and soybeans in the region, the statement said.

The purchase, which includes the Garst corn and soybean brands, will
give Syngenta an 11 percent share of the U.S. corn seed market and 10
percent of the soybean market, the company said. Syngenta said the
acquisition will add to earnings beginning in 2006 and reiterated its
forecast of ``robust'' sales growth resulting in earnings per share
growth of more than 30 percent.

Fox Paine will also hold 10 percent of the businesses Syngenta is
buying, according to the statement.

Advanta, which owns the Garst corn and soybean brands, is a joint
venture of AstraZeneca Plc, Europe's second-biggest drug company, and
Royal Cosun, the biggest Dutch sugar-maker.

Syngenta also is acquiring technology from Germany's Bayer AG to develop
corn varieties that are resistant to glyphosate herbicides, such as
Monsanto Co.'s Roundup. No terms were given for the purchase.

To contact the reporter on this story:
Antonio Ligi in Zurich mshearmur@bloomberg.net.

To contact the editor responsible for this story:
Chris Collins in London at aligi@bloomberg.net

Last Updated: May 12, 2004 02:35 EDT

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