ZURICH, Switzerland (Reuters) — Syngenta says it is still planning to complete its US$10 billion flotation, but indicated weak financial markets made it more likely it will take place next year.
The Chinese-owned company said it was also exploring “alternative methods” to expand its shareholder base as the seeds and pesticides maker seeks to raise cash to fund organic growth and pay down debt.
“Given weak market conditions, we expect that the company will IPO by the end of next year,” a company spokesperson said after Syngenta reported its third-quarter earnings.
Sales in the three months to the end of September fell 13 percent to $6.8 billion, while earnings before interest, tax, depreciation and amortization plunged 68 percent to $300 million.
