Chemical
Syngenta and Valagro drops plan to acquire SICIT Group
Both companies have decided not to pursue their interest for SICIT Group S.p.A. 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
- By ICN Bureau
| May 17, 2021
Further to earlier announcment dated 6 May and 12 May, 2021, Syngenta Crop Protection AG and Valagro S.p.A. have decided not to pursue their interest for SICIT Group S.p.A. 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, stated the press note.
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