FRANKFURT, Sept 16 (Reuters) - Swiss agricultural chemicals group Syngenta SYNN.VX plans to imminently launch the sale of its vegetable seeds business as it aims to move quickly in generating funds for a share buyback, people familiar with the matter said.
Syngenta has asked JP Morgan JPM.N to organise the sale of the unit - which has annual sales of about $650 million and may fetch around $2 billion - following the rejection of a takeover approach from Monsanto (NYSE:MON) MON.N , the sources said.
First information packages on the unit, which includes a strong tomato-seeds business, are expected to be sent to prospective buyers as early as this month and tentative bids are likely to be due before Christmas, they said.
Syngenta and JP Morgan declined to comment.