NEW YORK (TheStreet) -- Syngenta (SYT) shares are up 10.25% to $84.89 in midday trading on Friday after the company formally rejected agribusiness rival Monsanto's (MON) unsolicited offer for the crop protection company.
Syngenta believes the long-rumored, unsolicited offer of $45.2 billion from the seed giant is too low, and may be difficult to complete.
Syngenta Chairman Michel Demaré said in a statement, "Monsanto's proposal does not reflect the outstanding growth prospects of Syngenta's integrated strategy and the significant future value potential of the company's crop-focused innovation and market leading positions."
Demaré added that business outlook is strong, with emerging markets accounting for more than half of the company's sales.
"Our integrated strategy has been particularly successful in these markets which in 2014 registered double digit growth rates for the fifth consecutive year," Demaré noted.
Swtizerland-based Syngenta is an agribusiness operating in the crop protection and seeds businesses.
The company is involved in the discovery, development, manufacture and marketing of a range of products designed to improve crop yields and food quality.
SYT data by YCharts