AGCO Corp: Ownership Filing Amendment

TL;DR

AGCO ownership filing updated by Srinivasan Mallika/Tractors and Farm Equipment Ltd.

AI Summary

On November 25, 2024, AGCO Corporation filed an amendment (Amendment No. 20) to its Schedule 13D. This filing indicates a change in the reporting person's beneficial ownership of AGCO's common stock. The filing was made by SRINIVASAN MALLIKA, associated with TRACTORS AND FARM EQUIPMENT LIMITED, located in Chennai, India.

Why It Matters

This filing signals a potential shift in the control or influence over AGCO Corporation, which could impact its stock price and strategic direction.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor activity or significant stake-building, which may lead to volatility.

Key Numbers

• 20 — Amendment Number (Indicates this is the 20th update to the filing.)

Key Players & Entities

• AGCO CORP /DE (company) — Subject Company
• SRINIVASAN MALLIKA (person) — Filing Person
• TRACTORS AND FARM EQUIPMENT LIMITED (company) — Associated Entity
• Andrew M. Freedman (person) — Authorized Contact
• Dennis Hranitzky (person) — Authorized Contact

FAQ

Key Financial Figures

• $585,803,125.51 — . The Reporting Persons paid a total of $585,803,125.51 (exclusive of brokers’ commission

Filing Documents

• sc13da2014210002_11212024.htm (SC 13D/A) — 109KB
• exhibit-i.htm (EX-99.(I)) — 21KB
• 0001193805-24-001411.txt ( ) — 132KB

Security

Item 1. Security and Issuer This Schedule 13D relates to shares of the common stock (the “Common Stock”) of AGCO Corporation (“AGCO” or the “Issuer”), the principal executive offices of which are located at 4205 River Green Parkway, Duluth, Georgia 30096.

Source and

Item 3. Source and Amount of Funds or Other Consideration Except for the 23,713 shares that Ms. Srinivasan (together with the Companies (as defined below), the “Reporting Persons”) holds directly and that were awarded to her under the AGCO Corporation 2006 Long-Term Incentive Plan for her services as a director of the Issuer, the source of the funds used by the Reporting Persons to purchase the reported shares, pursuant to the Purchase Plans, was the working capital of Tractors and Farm Equipment Limited (“TAFE”) or of TAFE Motors and Tractors Limited (“TAFE Motors and Tractors” and, together with TAFE, the “Companies”). The Reporting Persons paid a total of $585,803,125.51 (exclusive of brokers’ commissions and other administrative costs) to purchase the reported shares. Ms. Srinivasan did not pay for the shares that were awarded to her under the AGCO Corporation 2006 Long-Term Incentive Plan.

Purpose of

Item 4. Purpose of Transaction.

of the Schedule 13D

Item 4 of the Schedule 13D is hereby further amended and supplemented by adding the following: Dating back to 2020, TAFE has privately and publicly raised its concerns with the Issuer’s niche, short-sighted strategy, declining financial performance, weakening competitive position in key markets, capital allocation missteps and governance shortcomings. TAFE believes the Issuer’s disappointing third quarter 2024 earnings and revised full-year 2024 guidance, which were disclosed earlier this month, further substantiate the governance and strategy changes TAFE has been calling for. As TAFE warned previously, the Issuer was not well-positioned for the industry downcycle. The consequences of such unpreparedness have been significant, as evidenced by the Issuer’s consecutive earnings per share misses and five successive quarters of weaker than expected sales. After being unable to foresee the extent of the cyclical downturn, the Issuer appears to have responded to it in a purely tactical manner, with an emphasis on cutting costs. TAFE believes this is too little, too late. ‘Controlling the things we can manage’ is not a viable long-term strategy and fails to satisfy shareholders’ desire for sustainable growth. In particular, TAFE remains concerned that the Issuer lacks a clear vision for realizing value with PTx Trimble, the Issuer’s largest acquisition to date. TAFE believes that the Issuer’s strategy regarding PTx Trimble lacks clarity. Developing and successfully executing on the PTx Trimble strategy will be crucial to realizing the full value of the joint venture in the medium- and long-term. Failing to do this will expose shareholders to significant risk of value destruction. Accordingly, TAFE believes it is imperative for the Issuer to successfully integrate PTx Trimble, which requires a sense of urgency from the Board of Directors (the “Board”) and management team. 5 CUSIP No. 001084102 During the pa

Interest in Securities

Item 5. Interest in Securities of the Issuer (a) The aggregate percentage of shares reported owned on this Schedule 13D is based on 74,645,281 shares of Common Stock outstanding as of November 1, 2024, which is the total number of shares of Common Stock outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on November 7, 2024. As of the date hereof (i) TAFE beneficially owned 12,150,152 shares of Common Stock, which constituted approximately 16.3% of the Common Stock outstanding (ii) TAFE Motors and Tractors beneficially owned 3,263,321 shares of Common Stock, which constituted approximately 4.4% of the Common Stock outstanding and (iii) Ms. Srinivasan beneficially owned 12,173,865 shares of Common Stock, which constituted approximately 16.3% of the Common Stock outstanding, including the 23,713 shares she holds in her individual capacity. Ms. Srinivasan disclaims beneficial ownership of the Common Stock beneficially owned by each of the Companies, and this report shall not be deemed an admission that Ms. Srinivasan is a beneficial owner of such shares for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934 or for any other purpose. Each of the Companies disclaims beneficial ownership of the 23,713 shares of Common Stock owned directly by Ms. Srinivasan in her individual capacity, and this report shall not be deemed an admission that either of the Companies is a beneficial owner of such shares for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934 or for any other purpose. TAFE Motors and Tractors disclaims beneficial ownership of the 8,886,831 shares of Common Stock purchased on behalf of TAFE under the Purchase Plans, and this report shall not be deemed an admission that TAFE Motors and Tractors is a beneficial owner of such shares for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934 or for any other purpose. (b) For each person listed, the

Material to Be

Item 7. Material to Be Filed as Exhibits Exhibit A* Persons through whom Amalgamations Private Limited (“Amalgamations”) may be deemed to control the Companies Exhibit B* Directors and Executive Officers of the Companies Exhibit C* Directors and Executive Officers of Amalgamations Exhibit D** Amended and Restated Letter Agreement, dated April 24, 2019, between Tractors and Farm Equipment Limited and AGCO Corporation Exhibit E*** Limited Power of Attorney, dated as of July 24, 2024 Exhibit F**** Joint Filing Agreement, dated as of April 3, 2013 Exhibit G***** Amendment No. 1 to the Amended and Restated Letter Agreement, effective April 24, 2024, between Tractors and Farm Equipment Limited and AGCO Corporation Exhibit H****** September 30 Letter Exhibit I 14a-8 Shareholder Proposal Letter, dated November 22, 2024 * Included by reference to Amendment No. 17 to this Schedule 13D, filed with the SEC on April 27, 2024. ** Included by reference to Amendment No. 10 to this Schedule 13D, filed with the SEC on April 26, 2019. *** Included by reference to Amendment No. 18 to this Schedule 13D, filed with the SEC on August 6, 2024. **** Included by reference to the initial filing of this Schedule 13D, filed with the SEC on April 9, 2013. ***** Included by reference to Exhibit 10.1 to Issuer’s Form 8-K, filed with the SEC on April 16, 2024. ****** Included by reference to Amendment No. 19 to this Schedule 13D, filed with the SEC on September 30, 2024. 7 CUSIP No. 001084102 SIGNATURE After reasonable inquiry and to the best of his or its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: November 25, 2024 TRACTORS AND FARM EQUIPMENT LIMITED By: /s/ Andrew M. Freedman Name: Andrew M. Freedman, attorney-in-fact* TAFE MOTORS AND TRACTORS LIMITED By: /s/ Andrew M. Freedman Name: Andrew M. Freedman, attorney-in-fact* /s/

View Full Filing

View this SC 13D/A filing on SEC EDGAR