AGCO chief acknowledges Sudarshan Venu's role in ending TAFE dispute
Chennai-based Tractors and Farm Equipment Ltd (TAFE) reached a comprehensive out-of-court settlement with US-based AGCO Corporation in July. The settlement ended all disputes over the Massey Ferguson brand, commercial arrangements and shareholding issues. As part of the settlement, TAFE became the sole and exclusive owner of the Massey Ferguson brand in India, Nepal and Bhutan. The company will now hold all rights, title and interest in the brand and related trademarks, along with the associated goodwill.
The resolution was acknowledged by AGCO CEO Eric P Hansotia during the company's Q2 2024 earnings call. He credited the successful conclusion of talks to close collaboration with the son of TAFE Chairperson and MD Mallika Srinivasan. 'Turning to a couple of AGCO specific items, we recently announced resolution with TAFE on all outstanding commercial, governance and shareholding matters. This outcome was made possible with close collaboration with Sudarshan Venu,' Hansotia said.
Earlier in July, TAFE and AGCO had agreed that TAFE would repurchase AGCO's 20.7% equity stake for $260 million. The buyback will make TAFE a wholly owned subsidiary of the Amalgamations Group, a Chennai-based industrial conglomerate.
The corporate dispute came to a head in September 2024 when AGCO terminated its brand licensing and other agreements with TAFE. In response, TAFE filed a contempt petition, alleging AGCO's decision breached prior court orders and was carried out without due process.
During the last month's settlement, Mallika Srinivasan had said, 'As we step into a new era in TAFE's growth story, we recognize and cherish the long partnership we've had with AGCO, and continue to support AGCO as an engaged shareholder.'
'TAFE and Massey Ferguson have been synonymous in the minds of the Indian customers for over 65 years. We re-dedicate our commitment to transformation of Indian agriculture through our innovative products, solutions and service to the farming community in India. As we move towards our vision of 'Cultivating the World', we are confident of delivering exceptional value to all our stakeholders,' she added, according to news agency PTI.
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