NEW YORK (TheStreet) -- Syngenta
(SYT) shares are down -1.6% to $75.73 on Wednesday following reports that the Swiss company has rejected acquisition inquiries from American rival, and largest seed maker in the world, Monsanto
(MON - Get Report).
The two agribusiness giants were in acquisition talks for a reported $34 billion according to a Reuters report. The deal would have moved Monsanto's tax base out of the U.S. to more tax friendly Switzerland.
Syngenta's management are in opposition to the deal, sources told Bloomberg.
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