Research Desk Line-up: Manitowoc Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for AGCO Corp. (NYSE: AGCO), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AGCO. The Company announced on November 14, 2017, that it has terminated the agreement to acquire shares representing 35% interest of Brazilian Company Kepler Weber S.A. The Company had signed an agreement in February 2017 to acquire shares of Kepler Weber from two of the majority shareholders PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil and BB - Banco de Investimento S.A. The Company has said given its decision to not acquire Kepler Weber's shares, it will not launch a tender offer for the same. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Company did not provide any reasons behind this decision or reveal any future plans.

Backdrop

In February 2017, AGCO had announced its plans to acquire all outstanding shares of Kepler Weber via a tender offer. Towards this end, it had signed an agreement with Caixa de Previdência dos Funcionários do Banco do Brasil and BB - Banco de Investimento S.A, two of the largest shareholders of Kepler Weber. Their total shareholding in Kepler Weber was approximately 35%. AGCO had planned to launch the tender offer to acquire all outstanding shares of Kepler Weber from other shareholders. It had offered to buy Kepler Weber shares for BRL 22.00 ($7.03) per share, valuing it at 578.9 million ($185 million). AGCO had planned to delist shares of Kepler Weber from the São Paulo Stock Exchange, post the completion of the acquisition. AGCO had also planned to acquire Kepler Weber to expand and strengthen its presence in the South American grain handling and storage industry.

At the time of the announcement, Martin Richenhagen, Chairman, President, and CEO of AGCO, had said:

"Kepler Weber's products are complementary to our GSI's offerings and are recognized by its customers for their design, quality and innovation. This combination would also provide significant marketing synergies and a leadership position in the South American market as well as further strengthen our capabilities to serve large global customers."

About Kepler Weber S.A.

Kepler Weber is a Brazilian manufacturer of equipment for grain storage, processing and bulk handling of grains with factories in Rio Grande do Sul and Mato Grosso do Sul. Its product-line includes metal silos, horizontal and vertical conveyors, dryers, and grain cleaning machines. Its clients include trading Companies, cooperatives, food processing Companies as well as medium and large grain producers. Brazil is one of the biggest agri-markets in the world and has an annual grain production of over 145 million tons. Out of this nearly 90 million tons of grains passes through at least one of Kepler Weber's solutions, making it one of the biggest Brazilian Company in the grain storage systems segment.

About AGCO Corp.

Duluth, Georgia based AGCO was founded in 1990 and is a global leader in the design, manufacture, and distribution of agricultural solutions. It helps farms to be more productive and more profitable through its full line of equipment and related services. AGCO's agricultural solutions include tractors, combine harvesters, hay and forage equipment, seeding and tillage implements, grain storage, and protein production systems. It also supplies replacement parts for these equipments. The Company's products are sold under well-known brands viz., Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®. It also offers Fuse® precision technologies and farm optimization services.

The Company has over 3,000 independent dealers and distributors in over 150 countries. AGCO reported net sales of $7.4 billion for FY16.

The Company has been growing its business via strategic acquisitions and partnerships. Recent acquisitions include the following:

  • In October 2017, AGCO completed the acquisition of the Forage Division of Lely Group, a leading manufacturer of balers and loader wagons in Europe. The acquisition would help AGCO to significantly enhance its and forage product line in Europe.
  • In September 2017, AGCO completed the acquisition of Precision Planting LLC equipment business from The Climate Corporation, a subsidiary of Monsanto Company. Precision Planting is a leader in innovative planting technology.
  • In August 2017, AGCO formed a 50:50 JV Company with Bangkok, Thailand based CP Group, a leading producer of swine, chicken and eggs in Asia. The JV Company will produce protein production solutions for AGCO's GSI division and CPG Companies.

Last Close Stock Review

At the closing bell, on Wednesday, November 15, 2017, AGCO's stock slipped 1.64%, ending the trading session at $65.79. A total volume of 832.66 thousand shares have exchanged hands, which was higher than the 3-month average volume of 584.22 thousand shares. The Company's stock price surged 6.54% in the past six months and 22.45% in the previous twelve months. Moreover, the stock rallied 13.71% since the start of the year. The stock is trading at a PE ratio of 25.87 and has a dividend yield of 0.85%. The stock currently has a market cap of $5.18 billion.

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