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Press release from PR Newswire

Syngenta announces public offer for Devgen

Friday, September 21, 2012

Syngenta announces public offer for Devgen01:01 EDT Friday, September 21, 2012BASEL, Switzerland, Sept. 21, 2012 /PRNewswire/ -- Acquisition to reinforce leading position in global rice market Expanded toolbox for development of integrated rice offers RNAi technology for new biological insect control solutionsSyngenta today announced a bid for the Belgian company Devgen, a global leader in hybrid rice and RNAi technology. Completion of the transaction would enable Syngenta to combine its leading crop protection portfolio with Devgen's best-in-class rice hybrids and broad germplasm diversity. Devgen also brings proven expertise in RNAi-based insect control, for which the two companies signed a global license and research agreement to develop spray applications in May.The intended takeover bid is for all outstanding shares and warrants issued by Devgen, representing a total consideration of around euro 403 million. Syngenta has offered euro 16 for each Devgen share and a price for the warrants set according to market practice.[1] The bid has been recommended by the Board of Directors of Devgen and is supported by a number of major shareholders holding approximately 48 percent of all shares. Devgen is listed on the NYSE Euronext Brussels exchange; delisting is planned on completion of the transaction. Davor Pisk, COO, said: "This acquisition will significantly reinforce our leading global position in rice, enabling us further to expand our integrated offers by incorporating the next generation of hybrid rice. Syngenta has already demonstrated its ability to integrate technologies in ways which meet the needs of smallholder farmers in emerging markets. Rice is critical to global food security and we expect to make a key contribution to improving productivity. We look forward to welcoming Devgen employees with their knowledge of rice and other crops to Syngenta."Sandro Aruffo, Head of R&D, said: "There is immense potential in combining Devgen's pioneering research in both GM and sprayable RNAi-based crop applications with Syngenta's broad crop protection portfolio. By building complementary biological insect control solutions into our offer we can increase the options and capabilities we provide to our customers." Thierry Bogaert, CEO of Devgen, said: "I am pleased that the achievements and expertise of the Devgen team have been recognized by one of the leading companies in world agriculture. Syngenta's global scale and reach means that our technology will reach more growers more quickly, enabling vital improvements in crop productivity and protection." Full details of the bid will be covered in the offer prospectus submitted by Syngenta and the memorandum of reply prepared by the Board of Directors of Devgen, following approval thereof by the FSMA, the Belgian financial markets regulator.Syngenta is one of the world's leading companies with more than 26,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.comCautionary Statement Regarding Forward-Looking StatementsThis document contains forward-looking statements, which can be identified by terminology such as 'expect', 'would', 'will', 'potential', 'plans', 'prospects', 'estimated', 'aiming', 'on track' and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefor.[1] The bid will be subject to customary and normal conditions including (i) Syngenta acquiring at least 80% of the shares and (ii) no material adverse change having occurred.Syngenta International AG Media contacts: Analyst/Investor contacts: Media Office Paul Barrett Jennifer GoughCH-4002 Basel Switzerland +41 61 323 2323 Switzerland +41 61 323 5059Switzerland USA +1 202 737 6521Tel: +41 61 323 23 23Fax: +41 61 323 24 24 Daniel Braxton Lars OestergaardSwitzerland +41 61 323 2323 Switzerland +41 61 323 6793www.syngenta.com USA +1 202 737 6520SOURCE Syngenta