The trading of the shares of Syngenta and Monsanto were halted briefly this morning on the announcement regarding the proposed merger of the companies.

Monsanto recently raised its proposal to acquire Syngenta to $47 billion or 470 Swiss francs ($503.70) per share. Its sweetened proposal included a $3 billion reverse break-up fee. Syngenta once again rejected the increased offer citing the reason the reason that it did not meet its financial expectations.

Syngenta’s rejection prompted Monsanto to abandon its takeover bid. In a statement on Wednesday, Monsanto said, “Without a basis for constructive engagement from Syngenta, Monsanto will continue to focus on its growth opportunities built on its existing core business to deliver the next wave of transformational solutions for agriculture.”

Monsanto also indicated that it continues to believe that the merger with Syngenta “would have a created tremendous value for shareholders of both companies and farmers.

The stock price of Syngenta declined more than 15% to $66.14 per share at the time of this writing, around 11:45 AM in New York. On the other hand, the stock price of Monsanto climbed more than 7% to $96.11 per share.

Syngenta

Monsanto to continue focusing on opportunities

Monsanto will continue its focus on opportunities within its current core business. It will also resume the implementation of its approved stock buyback program.

Additionally, the company’s management reiterated its confidence in delivering its five-year plan to increase (more than double) its ongoing FY2014 earnings per share by 2019.

Monsanto believed that it is still in the best position to drive a comprehensive, and integrated strategy with industry leading assets in breeding, biotechnology, data science, next-generation biologicals, and multiple options to build on its existing crop protection portfolio.

Syngenta to divest flowers seeds business

Last week, Syngenta announced its decision to divest its premium flowers seeds business from its Lawn and Graden operating unit. According to the Swiss company, the separation would allow that new entity to achieve a leading position in the consolidation of the home gardening market.

Syngenta said its flowers business is profitable and a market leader in mass market plants. It has a competitive footprint in developed and emerging markets.