Monsanto CEO Hugh Grant has brushed off accusations levelled at the company by the chair of Syngenta’s board of directors.  

In a lengthy interview on Tuesday, Syngenta chair Michel Demaré accused Monsanto of attempting to buy the Swiss chemical company “on the cheap” and said the Missouri-based seed giant had “underestimated the huge… risk” involved in the buyout, which Syngenta fears would lead to antitrust issues. Basel-based Syngenta has turned down three offers from Monsanto in the past 12 months, two of which have been made since May.

However, speaking to the Wall St Journal on Wednesday, the Scottish-born Monsanto Chief Executive said he was undeterred and described the agribusiness’ designs for Syngenta as "a long game”.

He accepted that the deal could play out over several months and said that, even if the company fails to merge with Syngenta, Monsanto is still keen to move further into pesticides. On Tuesday, Syngenta chair Demaré said the company was still open to engage in dialogue, and acknowledged that Syngenta’s legal council had met with Monsanto representatives on several occasions.

Posting its third quarter profits on Wednesday, Monsanto performed better than anticipated. Third quarter profits were up 30% on the year at $1.14bn (£725m). However, the company is expected to perform less well in the fourth quarter.