14 May 2004 – LAWFUEL – Allen & Overy is advising Syngenta, a world-leading agribusiness based in Switzerland, on its agreement to acquire Advanta BV, a global agricultural seed company operating in some 24 countries from AstraZeneca and Royal Cosun. Allen & Overy is also advising on the contemporaneous sale of part of the Advanta business to US private equity house, Fox Paine.
Under the agreement, Syngenta will acquire Advanta’s North American corn and soybean business for e239 million. Fox Paine will acquire all Advanta operations outside North America and the non-corn and non-soybean operations within North America together with 10% of the acquired North American corn and soybean business for e161 million.
Closing will be conditional upon receiving regulatory clearances and consideration will be subject to a final net asset value adjustment.
Corporate partner Gary McLean is leading the Allen & Overy team, assisted by corporate associates Jeremy Horwood, Auret Van Zyl and Sean Murphy. Amsterdam-based partner Olaf Van Der Donk is providing advice on tax aspects.
Commenting on the transaction, Gary McLean said:
“This is our first major M&A transaction for Syngenta and we have been delighted to help them bring together a transaction which is both highly complex and significant for Syngenta’s North American seeds position.”
For further information, please contact Jo Shepherd
(jo.shepherd@allenovery.com) in London on +44 (0) 20 7330 2195 or on 07771 896 290.
Notes for Editors:
1 Allen & Overy is an international legal practice with over 4,800 staff, including some 450 partners, working in 25 major centres worldwide. 2. Allen & Overy was named ‘European Law Firm of the Year’ at the IFLR Awards 2004. 3. This press release is issued by Allen & Overy LLP. In this press release ‘Allen & Overy’ means Allen & Overy LLP and/or its affiliated undertakings. 4. Any reference to a partner in relation to Allen & Overy LLP means a member, consultant or employee of Allen & Overy LLP.