The $2-billion breakup fee offered by Monsanto to Syngenta in case antitrust regulators block Monsanto's proposed acquisition would apply to any antitrust concerns "horizontal," "vertical," and "conglomerate," Monsanto has confirmed. Monsanto's statement responds to claims by Syngenta's management, made initially at a private meeting with analysts and then confirmed by Syngenta, that it believed the fee would apply only for a block for horizontal reasons. Analysts at Bernstein Research and Bank of America Merrill Lynch, in separate research notes, say that Syngenta's top management, at a dinner with analysts held in London, said that Syngenta shareholders would bear the risk of a deal being blocked for nonhorizontal antitrust reasons.
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