Largest Agco holder seeking to replace directors, Bloomberg reports

Agco’s largest shareholder, Tractors and Farm Equipment, is seeking to replace the company’s directors outside of the annual meeting cycle through a consent solicitation process, people familiar with the matter told Bloomberg, reports Crystal Tse. Tractors and Farm believes Agco has wasted billions of dollars on bad deals and has been outperformed by rivals, sources told Bloomberg. It also says the company has engaged in poor governance practices, including having a combined chairman and chief executive officer, they added.