(Reuters) — Monsanto says it is still wants to buy Swiss rival Syngenta AG, which has rebuffed talks about its $45 billion offer, even as it warned of market challenges ahead.
Shares in Monsanto fell more than four percent to US$108 as the company warned it would likely break even at best in the fourth quarter after better than expected profits in the third quarter.
It said it was cutting costs amid a cautious outlook for 2016 and beyond.
Monsanto chair Hugh Grant told analysts the company would seek other deals if the Syngenta project doesn’t jell.
“If unsuccessful, this isn’t something we’re going to turn into an epic struggle,” Grant said.
He said a combination of the companies would result in substantial cost savings and revenue growth opportunities.
“There is mounting frustration on both sides of the Atlantic and puzzlement on why they won’t sit down.”