TAFE, AGCO settle feud over Massey Ferguson brand outside court
New Delhi, July 1 (PTI) tractors and Farm Equipment Ltd (TAFE), US -based Agco Corporation and Massey Ferguson brand, a comprehensive non -court settlement on all issues related to commercial problems and shareholders announced.
When he settled, he said that the ownership of the Massey Ferguson brand will be heard as the only and exclusive owner of India, Nepal and Butean. Tafe will receive all the rights, titles and attention related to the “Massey Ferguson” and all the honor related to the relevant trademarks and all the honor.
In addition, TAFE will take back the shares of AGCO on its own, which is taken into consideration, considering the US $ 260 million, he added a combined industrial congress, which is a combined industrial congress in Chennai, which will take back 20.7 percent of the domestic tractor maker’s self-equity.
Tafe will also keep its shareholder in AGCO at a property level of 16.3 percent, and will not overcome it, and will participate in AGCO’s proportional property subject to future receipt programs, subject to certain exceptions.
As a part of the agreement, TAFE, Chennai -based company, will support AGCO by voting in favor of all the suggestions of AGCO’s board of directors.
He also added that TAFE will remain as a long -term investor in AGCO.
Although all commercial agreements between TAFE and AGCO will be mutually terminated, TAFE will honor its extraordinary supply orders and continue to supply parts for all markets under the agreed conditions.
“All ongoing legal proceedings will be reversed and unconditionally withdrawn. He said.
The agreements added that the AGCO and TAFE would come into force upon the completion of certain government and other processes on the recruitment of shares held in TAFE by AGCO and TAFE.
“While we step into a new era in Tafe’s growth story, we know and feed the long partnership with AGCO and continue to support AGCO as a busy shareholder. He said.
“Tafe and Massey Ferguson have been synonymous in the minds of Indian customers for more than 65 years. We are developing our commitment to the transformation of our Indian agriculture through our innovative products, solutions and service in India,” he added.
Tafe, India’s leading tractor manufacturer and the third largest in the world, said that since 1960, Massey Ferguson tractors have produced 100,000 annual production.
The Indian company, which exports tractors to more than 80 countries, became AGCO’s largest shareholder in 2012.
Last year, US agricultural equipment manufacturer AGCO Corporation, TAFE immediately entered into force by entering more than one agreement announced.
Among the termination was a distributor agreement for Massey Ferguson Brand License Agreement, India, Nepal and Buetan, and an intellectual property license agreement for India, Nepal, Sri Lanka, Bangladesh and Bort.
