TAFE issues letter to AGCO shareholders outlining governance opportunities

TAFE issued the following open letter to its fellow shareholders…”Tractors and Farm Equipment is the largest shareholder of AGCO Corporation with ownership of approximately 16.3% of the Company’s outstanding shares. We are also a long-term shareholder who has spent more than a decade trying to enable the Company to grow and create enhanced value for all stakeholders. We believe our significant shareholdings and track record of constructive engagement demonstrate that our interests are squarely aligned with your interests. Given our experience allocating capital and operating businesses within the agricultural machinery sector, we have firm conviction in AGCO’s future growth potential. As the Company has struggled in recent years to integrate acquisitions and expand into new markets, we have drawn on our experience to provide leadership with pragmatic suggestions. Unfortunately, AGCO has responded by ignoring these ideas, taking measures to disenfranchise TAFE, and isolating our representative on the Board of Directors. This seemingly unjustifiable intransigence has resulted in the deterioration of the Company’s competitive position and financial performance versus peers and is now forcing us to deviate from our preferred method of private engagement.”