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The statement represents a third setback within hours for the agricultural inputs sector, after Platform Specialty Products, the owner of sprays group Arysta, cut its forecast for full-year results, and Macquarie forecast lower fertilizer prices ahead.

Following the announcement, Monsanto stock is up 7.36% trading at $96 as of 1:57 PM EDT, as the company would not have to pay a significant premium to acquire Syngenta. “We take note of Monsanto’s decision”. It also said it would resume a share buyback program.

Monsanto, the giant US corporation that produces pesticides and genetically engineered pesticide-resistant seeds, announced Wednesday in New York that it would discontinue its attempt to take over its Swiss rival Syngenta. Earlier Monsanto efforts were rejected in June, as was...

( Monday ) has made an increased takeover offer to Syngenta AG ( SYT ), seeking to draw the Swiss pesticide producer to the negotiating table after its earlier approach was rejected, Bloomberg reported citing people familiar with the matter.