Capital Group cuts Syngenta stake to below 3 pct, says Swiss exchange: Reuters

Capital Group Companies has sold a 2 percent stake in Swiss agrichemical group Syngenta last week, Swiss Exchange data showed on Tuesday.

The Los Angeles-based shareholder has reduced its share in the crop chemicals and seeds company to 2.97 percent, a notice by the SIX Swiss Exchange said, from a previous 4.99 percent Reuters Eikon data showed.

Traders said the sale might explain the recent pressure on Syngenta’s shares and could be due to a long-awaited Syngenta deal still not materialising.

“The supposed takeover of Syngenta seems to be developing into an endless story,” one trader said, asking not to be named.

Capital Group was not available for immediate comment.

Having spurned unwanted suitor Monsanto last year, Syngenta is under pressure from investors to boost its value even as agricultural markets deteriorate.

The Basel-based company has said it is in talks with ChemChina and other potential partners.