Breen is quoted as saying, “Consolidation should happen. Clearly, we’ll have our nose in the tent to see if there is anything that makes great sense for shareholders.” While his statement is not an affirmation of an impending sale or acquisition, it clearly describes the current agribusiness climate. Neither did the statement reflect whether DuPont Pioneer might be the seller or buyer in a merger. Agriculture is DuPont’s largest business, accounting for about one-third of its $35 billion sales last year.
The Wall Street Journal also reports Syngenta is discussing a potential deal with DuPont Pioneer.
DuPont reported third-quarter net income of $235 million ($.26 per share), compared with 2014 figures of $433 million ($.47 per share). Sales were down 17 percent from the third quarter of 2014.
The ag commodity downturn has lowered values of many agribusinesses, including DuPont, Monsanto, Deere and other ag-related businesses. Dow Chemical Co. also recently announced that it was reviewing options for its farm chemicals and seeds unit. FG
