Syngenta has confirmed that it received an unsolicited proposal from Monsanto to acquire the company at a price of roughly $45 billion, with approximately 45 percent in cash. Syngenta said after a thorough review of all aspects of the offer it rejected Monsanto’s proposal.

Monsanto said it believed a combination would deliver significant value to shareholders of both companies; however, Syngenta didn't see things the same way. "The offer fundamentally undervalues Syngenta’s prospects and underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries," the company said in a press release.

“Syngenta is the world leader in crop protection, the number three in seeds and the first company to introduce integrated solutions for growers," Michel Demaré, Syngenta chairman, said in the press release. "Monsanto’s proposal does not reflect the outstanding growth prospects of Syngenta’s integrated strategy and the significant future value potential of the company’s crop-focused innovation and market-leading positions."

Monsanto said it believed the combined company would have been uniquely positioned to deliver a comprehensive suite of integrated solutions to farmers around the world and to accelerate technological innovation through precision agriculture and advanced research and development capabilities aimed at increasing the world's food supply in a sustainable fashion.

“While Syngenta’s valuation is currently affected by short-term currency and commodity price movements, the business outlook is strong, with emerging markets accounting for over 50 percent of our sales," Demaré said. "Our integrated strategy has been particularly successful in these markets which in 2014 registered double-digit growth rates for the fifth consecutive year, and which represent a major part of the future growth potential for our industry. Recently launched new products are achieving rapid sales growth globally as growers demand the latest technologies, and we have a strong pipeline of innovative crop protection products in development, which have total peak sales potential of over $3 billion.

“In 2015, we are on track to achieve the first $265 million of savings from our Accelerating Operational Leverage program, and we are targeting savings of $1 billion in 2018," Demaré added. "This will allow us to realize the full benefits of the integrated strategy and will ensure that increases in profitability are sustained for the benefit of Syngenta’s shareholders.”