Syngenta Crop Protection and Valagro submit non-binding expression of interest for SICIT Group

Syngenta Crop Protection AG (“Syngenta“) together with Valagro S.p.A. (“Valagro“) would like to confirm that the two companies have submitted a non-binding expression of interest to the Board of Directors of SICIT Group S.p.A. (“SICIT Group”), listed on the MTA, Star Segment, of Borsa Italiana. This expression of interest conveys Syngenta and Valagro's intention to submit an all-cash voluntary tender offer for its entire share capital at a price of EUR 17.30 per share which will not be reduced by the expected dividend of Eur 0.55/share, subject to limited confirmatory due diligence and approval by the Syngenta Group Board of Directors.

The non-binding expression of interest is submitted on an open, transparent and friendly basis to SICIT Group and its key stakeholders. The Syngenta Group believes that there is an enormous potential that a combination between Syngenta, Valagro and SICIT Group can offer to shareholders, clients, employees and stakeholders such as the tanneries in the Arzignano district in terms of value creation, return and stability regarding the continuation of the collection service arrangements in the district.

In this prospect, the Syngenta Group sees in particular the relationship with Intesa Holding as key to the success of the proposed transaction and the potential future achievements of SICIT Group. Accordingly, the Syngenta Group's preference would be for Intesa Holding to remain as long-term shareholder and the Syngenta Group are ready to discuss adequate structuring solutions towards that objective.

The Syngenta Group is working expeditiously on putting together the offer and will consider as soon as possible the submission of a Notification pursuant to Article 102 and 106, fourth paragraph, of the Italian Financial Act.

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