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Ownership of the “MF” brand will rest with TAFE on an exclusive basis in India, Nepal and Bhutan.
AGCO Corp has agreed with TAFE to resolve all outstanding disputes and matters related to their commercial relationship.
Key terms mean all commercial agreements will cease, with agreed wind-down provisions.
Ownership of the “MF” brand will rest with TAFE on an exclusive basis in India, Nepal and Bhutan.
In addition, TAFE has agreed to participate in future share repurchase programs that AGCO executes but retains the right to maintain but not exceed its current ownership level of 16.3%.
TAFE will no longer be entitled to nominate a representative to the AGCO board of directors and AGCO’s director on TAFE’s board will step down.
TAFE will also repurchase AGCO’s current shareholding in TAFE for an aggregate amount of $260m.
Having gone through a troublesome “divorce” from its association and part ownership of AGCO, Indian manufacturer TAFE is said to be determined to be seen as a modern business rather than just another tractor maker from the developing world.
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