Syngenta has increased its stranglehold on the global sunflower seeds trade by buying US rival Monsanto out of the market, continuing a drive by the world's biggest agrochemicals group to get bigger in seeds.

The Swiss group has agreed to pay $160m for Monsanto's global sunflower assets, including hybrid seed technology, a deal which stands to increase Syngenta's share of the $700m market to nearly 40%.

Syngenta already leads the market for sunflower seeds, which are sown on about 24m hectares worldwide, reporting sales of $200m last year.

The Monsanto business had sales of $75m.

Latin America boost

"This acquisition is an excellent addition," Davor Pisk, the chief operating officer of Syngenta's seeds division said.

"These activities will further strengthen our position in Europe and Latin America, key regions for growing sunflowers."

While Syngenta  reported corn sales of $622m for the second quarter, a rise of 14% once currency movements were stripped out, its Latin American division lagged, with sales more than halving to $14m.

The world's biggest sunflower growing countries are Russia, Ukraine, Argentina and France, with Central Europe a big producer too, Syngenta said.

Syngenta shares rose 2.1% to SFr247.10 in morning trade in Zurich.