Syngenta AG (ADR) (NYSE:SYT) stock is up on news of a possible takeover by Monsanto Company (NYSE:MON).
Syngenta is the world’s largest maker of crop chemicals and Monsanto is the largest company in the seeds business. Insider sources told Bloomberg that there has been interest from Monsanto in obtaining the crop chemical maker, which is valued at $35 million, in the last couple of weeks.
Syngenta is reportedly unsure about the takeover. The company cites anti-trust issues as one reason it may not be behind the idea. This wouldn’t be the first time that Monsanto tried to get its hands on SYT. A similar effort occurred last near, but nothing ever came of it, reports Bloomberg.
Monsanto’s effort to acquire Syngenta last year was valued at $40 million. It’s possible that a similar offer will be made with this newest deal, but the details are unknown, Reuters notes.
SYT shares were up 14% and MON shares were up 2% as of Noon Friday.
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