AGCO Corporation and TAFE Announce Comprehensive Settlement on Brand Rights and Shareholding
AGCO Corporation and TAFE have reached a comprehensive settlement regarding brand rights, commercial agreements, and shareholding arrangements. Under the settlement, TAFE will become the sole owner of the Massey Ferguson brand in India, Nepal, and Bhutan. The agreement also includes the termination of commercial agreements between the two companies, while TAFE will continue to supply parts for all markets on agreed terms. Additionally, TAFE will buy back AGCO's shares, amounting to 20.7% of TAFE's equity, for $260 million, making TAFE a wholly owned subsidiary of the Amalgamations Group. TAFE will retain a 16.3% stake in AGCO and support AGCO's Board recommendations at shareholder meetings. All ongoing legal proceedings will be withdrawn, and the agreement will take effect after the completion of necessary processes in India.
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