Monsanto walks away after Syngenta turns down improved take-over bid

U.S.-based Monsanto said Wednesday it is walking away from efforts to acquire Swiss rival Syngenta, which has rejected a recently sweetened offer.

Monsanto said it still believed 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.

Monsanto confirmed that it made a revised offer to Syngenta on Aug. 18, raising a previous offer to 470 Swiss francs, a value of roughly $47 billion. It also confirmed it raised a reverse break-up fee offer to $3 billion.

Syngenta shares in Switzerland closed more than 18 percent lower on the news that the deal was off the cards.