Agrichemical company UPL Ltd., Mumbai, is reported to be in merger talks with two U.S. firms – CF Industries Holdings Inc., Deerfield, Ill., and FMC Corp., Philadelphia – according to Mint, an Indian financial publication. Both CF and FMC said they do not respond to rumors.
Mumbai-based analytic firm B&K Securities speculated that FMC, also an agrichemical company, would have more synergies with UPL, with FMC being stronger in insecticides and UPL in herbicides. The combined entity would have a higher revenue concentration in Latin America.