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Novartis And Astrazeneca Agree To Agrochemical Merger

Novartis AG of Basel, Switzerland and AstraZeneca PLC of London have agreed to spin off and merge Novartis' crop protection and seeds businesses and Zeneca Agrochemicals to create a dedicated agribusiness company.

Novartis and AstraZeneca have entered into a binding agreement to create the new company, which is now being called Syngenta AG. The transaction will rely on shareholder approval and on the receipt of relevant regulatory clearances.

After a thorough review of its business portfolio strategy, the board of directors of Novartis decided to redirect the company's focus onto healthcare and divest its agribusiness activities. Various options were considered before the company decided to merge its crop protection and seeds businesses with AstraZeneca's agrochemicals business.

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The new company will be headquartered in Basel. It will be listed on the Swiss, London, New York and Stockholm Stock Exchanges.

The transaction will not be finalized until the second half of 2000. Novartis Agribusiness is not expected to make any changes at its Research Triangle Park facilities to reflect the new company until that time, said Richard Lotstein, the company's director of regulatory and government affairs.

Heinz Imhof, currently head of Novartis' Agribusiness, will become chairman of Syngenta. Michael Pragnell, presently CEO of Zeneca Agrochemicals, will be CEO.

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Novartis And Astrazeneca Agree To Agrochemical Merger

BT Catalyst, Dec, 1999

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