Its proposed takeover by ChemChina was the topic of the day at today’s annual general meeting of Syngenta in Basel, Switzerland.
“I firmly believe that this is a transaction truly in the interests of all stakeholders. First of all, Syngenta will remain Syngenta. We will continue to be headquartered in Basel and be a science-based company focused on innovation. We will maintain the highest standards of corporate governance, ethics and reporting, and we will have an owner that will invest in the business with a long-term vision, providing us with the stability required for a company with such a long investment horizon,” said Syngenta Chairman Michel Demaré.
Demaré said the takeover deal is not about cutting jobs to deliver cost synergies, but rather about leveraging the company’s existing skills and talent to explore new areas of growth and expand markets.
“We will therefore be in an excellent position to offer growers continued choice for many years ahead in an industry that is consolidating fast, and potentially offering fewer real choices.”
The 1,337 shareholders representing 50.68 percent of the total shares approved all the motions proposed by the board of directors at the AGM.
The shareholders approved motions including an ordinary dividend of CHF 11.00 per share and a special dividend of CHF 5.00 per share, the latter contingent upon the public tender offer by CNAC Saturn (NL) B.V., an indirect subsidiary of China National Chemical Corporation, becoming unconditional.
All members of the board were re-elected for a term of one year, with the exception of Jacques Vincent, who has reached the statutory age limit and is retiring. Demaré was re-elected as chairman.
