Agco Trying to Settle Dispute With Investor in India -- Market Talk

Dow Jones11-06

1516 ET - Agco has made some "very generous offers" to resolve a dispute with disgruntled investor and distributor Tractors and Farm Equipment, or TAFE, says CEO Eric Hansotia. "The ball is in TAFE's court now," says Hansotia, who didn't disclose details during a conference call. TAFE has manufactured and distributed Massey Ferguson-brand tractors for Agco in India, Turkey and the Middle East for decades. Agco this spring canceled its contract with TAFE, whose Chairperson Mallika Srinivasan is an Agco director and its largest shareholder at 17%. TAFE sued to block the move and Srinivasan recently criticized Hansotia's management of the company and called for new directors. Agco down 7.7%, at $90.29. (robert.tita@wsj.com)

(END) Dow Jones Newswires

November 05, 2024 15:16 ET (20:16 GMT)

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TAFE has manufactured and distributed Massey Ferguson-brand tractors for Agco in India, Turkey and the Middle East for decades. Agco this spring canceled its contract with TAFE, whose Chairperson Mallika Srinivasan is an Agco director and its largest shareholder at 17%. TAFE sued to block the move and Srinivasan recently criticized Hansotia's management of the company and called for new directors. Agco down 7.7%, at $90.29. 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