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Syngenta chairman says Monsanto looking to buy firm on the cheap

Gianluca Colla | Bloomberg | Getty Images

Syngenta's chairman said any takeover offer needed to be at a fair price and provide a high degree of certainty that it will clear regulatory hurdles, as he reaffirmed the Swiss firm's opposition to Monsanto's current proposal.

"Monsanto has endorsed our strategy...the only thing is they are trying to buy it on the cheap," Michel Demare said in a video on the company's YouTube channel.

Read MoreSyngenta rejects second takeover proposal from Monsanto

Monsanto's initial approach was rebuffed by Syngenta in May partly on the grounds it did not address regulatory concerns. The U.S. firm then offered to pay Syngenta $2 billion if the merger failed to get approval from regulators, but this was rejected as "wholly inadequate".