Report Syngenta AG Could See Fresh Bid In 3 Weeks

Syngenta AG

ticked up 2 percent after a report surfaced that Monsanto Co.

is preparing to sweeten its bid for the Swiss-based seed and farm chemicals maker. http://ca.reuters.com/article/businessNews/idCAKBN0NZ23W20150514?sp=true To make a deal viable to regulators, Monsanto is seeking prospective buyers for Syngenta's seed business. Syngenta last week rejected Monsanto's acquisition offer of $490 a share in cash and stock. Monsanto's offer undervalued the company and "underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries," Syngenta said. A fresh bid from Monsanto is expected in about three weeks, according to Reuters. Monsanto controls about a quarter of the world market for seeds, versus about 8 percent for Syngenta, according to the report. Both companies have annual revenue in the range of $15 billion, but Monsanto gets it mostly from chemicals, while Syngenta's derives mainly from seeds. Syngenta's seed business could be worth up to $8 billion, according to the report, although Monsanto so far hasn't succeeded in locating a committed buyer. Potential bidders include BASF SE

, Bayer AG

and the privately held China National Chemical Corp., according to Reuters. Also mentioned: Midland, Michigan-based Dow Chemical Co.

. Syngenta shares are up about 34 percent since late April and closed Thursday at $89.70, up $2.16.