U.S.-based Monsanto is giving up on efforts to acquire Swiss rival Syngenta, according to Reuters.
Monsanto still believes in the value of a combination of the two agricultural seed and chemical giants, but will focus on building its core business and meeting long-term growth objectives.
This comes despite Monsanto offering more money to Syngenta on August 18, raising a previous offer to about $47 billion.
It also confirmed it raised a reverse break-up fee offer to $3 billion.
But, Monsanto said in a statement, Syngenta continued to spurn the overtures.
“Without a basis for constructive engagement from Syngenta, Monsanto will continue to focus on its growth opportunities built on its existing core business…” the company said in a statement.
There was no immediate comment from Syngenta.
