TAFE to buy back AGCO's 20.7% stake for $260 million, gains exclusive ownership of Massey Ferguson brand in India
As part of the agreement, TAFE will acquire AGCO's 20.7% stake in the company for $260 million (approximately Rs 2,165 crore), making TAFE a wholly owned subsidiary of the Chennai-based Amalgamations Group. Following this transaction, TAFE will gain sole and exclusive ownership of the Massey Ferguson brand across India, Nepal, and Bhutan, including all related trademarks and goodwill.
TAFE will continue to retain its 16.3% equity stake in AGCO and has agreed not to exceed this level. The company will also participate in AGCO's future share buyback programs to maintain its proportional ownership, subject to specified conditions.
Additionally, all existing commercial agreements between TAFE and AGCO will be terminated. However, TAFE will fulfill pending supply orders and continue parts support under agreed terms. Both companies have agreed to withdraw all ongoing legal proceedings, including those before the Madras High Court concerning the Massey Ferguson brand.
The agreement will take effect following necessary regulatory and procedural approvals in India.
TAFE Chairman and Managing Director Mallika Srinivasan expressed gratitude for the long-standing partnership with AGCO and reiterated the company's commitment to Indian agriculture and its dealer and customer base.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TechCrunch
8 minutes ago
- TechCrunch
Terra CO2 cements $124M Series B to slash concrete's carbon footprint
Concrete has been around for millennia, but Terra CO2 thinks it has a better way to make the ubiquitous building material, and investors appear to agree. The Golden, Colorado-based startup recently closed a $124.5 million Series B to help bring its low-carbon cement replacement to market. Cement — the stuff that binds aggregate together to form concrete — weighs heavily on the climate. The CO 2 released by the chemical reaction that makes Portland cement, the most common type of cement, and the fossil fuels that typically power it accounts for around 8% of all carbon pollution. It's why a range of startups have been exploring ways to get the same rock-solid results without the pollution. In addition to Terra CO2, Furno, Sublime Systems, Partana, and PHNX Materials all have different approaches to solving the problem. SCM is a broad class of materials that serve to replace Portland cement without sacrificing any of the qualities that make concrete appealing. Terra CO2 makes a version of SCM that cooks widely available silicate-containing rocks until they melt into glass. The glassy powders react similarly to Portland cement. The startup said that it'll be using the new funding to build a massive facility near Dallas capable of pumping out 240,000 tons of its supplementary cementitious materials (SCM) annually. Terra CO2's new funding round was co-led by Bill Gates's Breakthrough Energy Ventures, Eagle Materials, Temasek-backed GenZero, and Al Gore's Just Climate. Barclays Climate Ventures, Cemex, Prologis, and Siemens Financial Services participated. Techcrunch event Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW Today, Terra CO2 says that its SCM can replace up to 40% of the Portland cement used in concrete. It is also working on a next generation of its product that can completely displace traditional cement. Compared with Portland cement, the startup's SCM generates 70% less carbon dioxide.
Business Insider
8 minutes ago
- Business Insider
Why canned food staple Del Monte filed for bankruptcy (and won't be disappearing from shelves anytime soon)
One of America's top canned foods companies is looking for a reset. Grocery store mainstay Del Monte Foods filed for Chapter 11 bankruptcy this week, saying it wants to restructure to shed old debts and remain in business. The nearly 140-year-old brand is looking to sell its assets following recent plant closures and a controversial $240 million debt restructuring deal last year that prioritized some creditors over others. CEO Greg Longstreet said in a statement that a "court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods." That doesn't mean the packaged-food company, best known for offering a wide selection of canned fruits and vegetables, will disappear from store shelves. The company said it has secured $912.5 million in financing from existing lenders, which would allow it to remain in business while it looks for a buyer. "With an improved capital structure, enhanced financial position, and new ownership, we will be better positioned for long-term success," he said. Del Monte reported in filings with the US bankruptcy court in New Jersey that it owed more than 10,000 creditors combined debts of between $1 billion and $10 billion. In addition to the Del Monte brand, the US subsidiary of Singapore-based Del Monte Pacific also owns several well-known pantry staples, such as Contadina tomatoes, College Inn broths, and Joyba bubble teas. The company said Del Monte's international subsidiaries are not included in the proceedings and will continue to operate as normal.
Business Insider
8 minutes ago
- Business Insider
Africa's tallest skyscraper project resumes as Ethiopia revives $445 million tower bid
Ethiopia has reignited plans to construct what could become the tallest skyscraper in sub-Saharan Africa, marking a bold signal of the country's long-term vision for economic transformation and urban modernization. Ethiopia plans to construct the tallest skyscraper in sub-Saharan Africa, the $445 million EEP tower. The 62-storey building will be located in Addis Ababa's Kirkos district and will serve as Ethiopian Electric Power's headquarters. The bidding process for the project has reopened to experienced local and international contractors under an EPC contract model. The $445 million project will see the erection of a 62-storey headquarters for the state-owned Ethiopian Electric Power (EEP), positioning the nation at the forefront of architectural ambition on the continent. Initially proposed in 2023, the project was delayed by financial constraints. However, the relaunch of the bidding process for both local and international contractors marks a critical step forward in realizing this transformative vision. Strategically located in the Kirkos district, near Addis Ababa's expanding central business hub, the tower's site further highlights its economic and urban significance. Ethiopia opens bidding process The Ethiopian government recently reopened bidding for the EEP tower, inviting both local and international contractors as part of efforts to revive the $445 million project. The move signals renewed confidence in the country's fiscal outlook. To qualify, contractors must have at least 10 years of experience and have completed three prior projects worth $370 million or more, underscoring the project's scale and complexity. The project will follow an engineering, procurement, and construction (EPC) contract model, with a planned four-year construction timeline. This approach is designed to streamline the entire process, allowing for coordinated planning and efficient execution from design through to completion. The design Beirut-based firm Dar Al-Handasah will design and manage the construction of Ethiopia's revived EEP tower, integrating sustainable practices throughout. Set on a 20,792-square-meter plot, the 62-storey skyscraper will rise to 1,074 feet, surpassing Johannesburg's Leonardo Tower (768 feet) as sub-Saharan Africa's tallest. The design includes three basement levels, a commercial podium, 55 floors of office space with sky gardens, and a rooftop restaurant. With a total floor area of over 2.1 million square feet, the tower will become a landmark hub for business and leisure in Addis Ababa. Once completed, the tower will not only symbolize Ethiopia's infrastructural aspirations but also serve as a central hub for one of the country's most critical sectors—energy. Beyond its architectural significance, the project is anticipated to create thousands of jobs during its construction phase and serve as a catalyst for related urban development.
