The Swiss based international agrochemical group Syngenta intends to submit, via its subsidiary Syngenta Crop Protection AG, a takeover bid for the Belgian agro-biotech company Devgen N.V. Devgen is a global leader in hybrid rice but also specialises in crop protection and insect control. Syngenta is one of the world’s largest agrochemical groups and has offered EUR 16 for each Devgen share, representing a total consideration of around EUR 403 million. The bid has been recommended by the Board of Directors of Devgen and is supported by a number of major shareholders holding approximately 48 percent of all shares. The takeover bid is voluntary and still contingent on certain conditions. For instance, at least 80 percent of the shares that are subject to the offer must be tendered.
Gleiss Lutz advised Syngenta on the intended takeover with regard to antitrust and general aspects of the transaction.
Gleiss Lutz regularly assists Syngenta in international M&A transactions and advised the company, inter alia, on the sale of the Hungarian and Spanish sunflower seed business to Euralis Sémences SA in 2011.
Syngenta was advised by the following Gleiss Lutz team: Dr. Patrick Kaffiné (partner, corporate/M&A, Frankfurt), Dr. Christian Cascante (partner, corporate/M&A, Stuttgart), Dr. Ingo Brinker (partner, antitrust, Munich) and Dr. Iris Buckenleib (antitrust, Munich).
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