NEW YORK (TheStreet) -- Shares of Syngenta AG (SYT) are up 5.32% to $78.34 after Monsanto (MON) was said to have recently explored a possible $34 billion takeover of its Swiss rival, Bloomberg reports.

The deal, which is now defunct, sources say, is another sign of how U.S. firms in many sectors are trying to avoid corporate taxes by moving their headquarters overseas, Bloomberg said.

Shares of Monsanto are up 0.31% to $122.46.

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