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All ongoing legal proceedings will be irrevocably and unconditionally withdrawn.
The US-based agriculture machinery giant AGCO had finalised an agreement with TAFE, under which AGCO will exit its 20.7 per cent shareholding in TAFE for a consideration of $260 million.
AGCO Corporation Chairman and CEO Eric P Hansotia has said that turning to a couple of AGCO-specific items, the company has announced the resolution with TAFE on all outstanding commercial, governance and shareholding matters.
Speaking during AGCO’s Q2 2024 earnings call, Hansotia confirmed that the US-based agriculture machinery giant had finalised an agreement with TAFE, under which AGCO will exit its 20.7 per cent shareholding in TAFE for a consideration of $260 million. The move makes TAFE a fully owned subsidiary of the Chennai-based Amalgamations Group, a diversified industrial conglomerate.
The agreements will become effective upon the completion by AGCO and TAFE of certain governmental and other processes in India relating to the repurchase of the shares held by AGCO in TAFE.
“We are pleased to have reached an amicable resolution with TAFE on all outstanding commercial, governance and shareholding matters,” Hansotia had said last month in a statement while announcing the settlement. “We appreciate the TAFE relationship for its years as a commercial partner and continued support as a shareholder. AGCO’s Board and management team are fully focused on our Farmer-First strategy, which we believe will improve outcomes for farmers, drive operational success for our company and deliver strong returns for shareholders.”
Meanwhile, AGCO reported net sales of $2.6 billion for the second quarter ended June 30, 2025, a decrease of 18.8% compared to the second quarter of 2024. The second quarter of 2024 included other revenue of $290.5 million which represents revenue from the Company’s divestiture of the majority of its Grain & Protein business as shown in the regional net sales table. Reported net income was $4.22 per share for the quarter and adjusted net income(1) was $1.35 per share. These results compare to reported net loss of $(4.92) per share and adjusted net income(1) of $2.53 per share for the second quarter of 2024. Excluding favorable foreign currency translation of 3.5%, net sales in the quarter decreased 22.3% compared to the second quarter of 2024.
“AGCO achieved solid second-quarter results with deliberate execution in the areas we can control despite a challenging global agricultural environment marked by weak farm economics and delayed purchasing decisions in several parts of the world,” said Hansotia. “Our strong earnings and cash flow generation illustrate meaningful progress in reducing dealer and company inventories through aggressive production cuts. Operating margins benefited from disciplined cost control and continued implementation of our restructuring initiatives. Demand for our premium brands remains resilient, supported by growing interest in precision agriculture and sustainable technologies.”
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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