Syngenta Crop Protection and Valagro submit non-binding expression of interest for SICIT Group
Syngenta together with Valagro would like to confirm that the two companies have submitted a non-binding expression of interest to the Board of Directors of SICIT Group.
Basel / Switzerland, Atessa / Italy, May 6, 2021 - Syngenta Crop Protection AG (“Syngenta“) together with Valagro S.p.A. (“Valagro“) would like to confirm that the two companies have submitted a non-binding expression of interest to the Board of Directors of SICIT Group S.p.A. (“SICIT Group”), listed on the MTA, Star Segment, of Borsa Italiana. This expression of interest conveys our intention to submit an all-cash voluntary tender offer for its entire share capital at a price of EUR 17.30 per share which will not be reduced by the expected dividend of Eur 0.55/share, subject to limited confirmatory due diligence and approval by the Syngenta Group Board of Directors.
Our non-binding expression of interest is submitted on an open, transparent and friendly basis to SICIT Group and its key stakeholders. We believe that there is an enormous potential that a combination between Syngenta, Valagro and SICIT Group can offer to shareholders, clients, employees and stakeholders such as the tanneries in the Arzignano district in terms of value creation, return and stability regarding the continuation of the collection service arrangements in the district.
In this prospect, we see in particular the relationship with Intesa Holding as key to the success of the proposed transaction and the potential future achievements of SICIT Group. Accordingly, our preference would be for Intesa Holding to remain as long-term shareholder and we are ready to discuss adequate structuring solutions towards that objective.
We are working expeditiously on putting together the offer and will consider as soon as possible the submission of a Notification pursuant to Article 102 and 106, fourth paragraph, of the Italian Financial Act.
About Syngenta
Syngenta is one of the world’s leading agriculture companies, comprised of Syngenta Crop Protection and Syngenta Seeds. Our ambition is to help safely feed the world while taking care of the planet. We aim to improve the sustainability, quality and safety of agriculture with world class science and innovative crop solutions. Our technologies enable millions of farmers around the world to make better use of limited agricultural resources. Syngenta Crop Protection and Syngenta Seeds are part of Syngenta Group. In more than 100 countries we are working to transform how crops are grown. Through partnerships, collaboration and The Good Growth Plan we are committed to accelerating innovation for farmers and nature, striving for regenerative agriculture, helping people stay safe and healthy and partnering for impact.
To learn more visit www.syngenta.com and www.goodgrowthplan.com.
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About Valagro
Valagro is a leader in the development, production and marketing of biostimulant and advanced nutrient solutions for cash and row crops. Founded in 1980 and with its headquarters in Atessa (Italy), Valagro is committed to providing innovative and effective solutions for plant nutrition and health. Its mission is to increase the quantity and quality of plants and harvested crops while enhancing productivity and reducing the environmental impact of cultivation. Valagro uses science in the service of humankind to improve nutrition and the quality of life while respecting the environment. Valagro became part of Syngenta Crop Protection in 2020.
Contact Information
Media Relations
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Beat Werder
Head of Group Media Relations, Syngenta Switzerland
+41 798383116
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Marco Rosso
Global Corporate Affairs Director, Valagro
+39 334 6737943
[email protected]
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