Advanta B.V., AstraZeneca, Bayer, Fox Paine & Co LLC, Royal Cosun, Syngenta deal

AZN and Royal Cosun agreed to sell their Advanta joint venture seed business to SYNN and Fox Paine for E400 million ($476 million). SYNN will pay E239 million ($284 million) for Advanta's North American corn and soybean business. Fox Paine will pay E161 million ($191 million) for Advanta's operations outside North America and the non-corn and non-soybean operations within North America. Fox Paine also will have a 10% stake in the acquired North American corn and soybean business. The deal is expected to close in the third quarter. Advanta had 2003 sales of about E395 million ($470 million). ...