ChemChina's agreement to acquire Syngenta this week leaves Monsanto with a need to shift its business focus after pursuing Syngenta for four years with three separate takeover offers. Monsanto's loss is being considered the best outcome for Monsanto now.

Victory for ChemChina, as the state-owned company is also known, means paying 17 times Syngenta’s trailing 12-month earnings, exceeding the multiples paid in 10 comparable deals, according to data compiled by Bloomberg. Such a deal would have been too expensive for Monsanto, according to Chris Shaw, a New York-based analyst at Monness Crespi Hardt & Co.

Monsanto “is better off having not overpaid for Syngenta,” Shaw said Tuesday in a note, ahead of the official announcement of the ChemChina offer. “There’s benefit on a strategic basis as well.”

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