01:31 PM EDT, 08/06/2024 (MT Newswires) -- (Updates with additional details and MT Newswires' request for comment)

AGCO's ( AGCO ) largest shareholder, Tractors and Farm Equipment, is seeking to replace AGCO ( AGCO ) directors through a consent solicitation process, before their terms are complete at the next annual shareholder meeting, Bloomberg reported Tuesday, citing people familiar with the matter.

TAFE said AGCO ( AGCO ), a maker of tractors and other agricultural equipment, has been outperformed by rivals and has wasted billions of dollars on bad deals.

Tractors and Farm Equipment held a 16% ownership stake in AGCO ( AGCO ) as of April, the report said.

"As part of the company's continuing review of its business and operations, in April 2024 AGCO ( AGCO ) gave notice of termination of certain commercial agreements with Tractors and Farm Equipment, which led to litigation by Tractors and Farm Equipment," the report added, citing a representative of AGCO ( AGCO ).

AGCO ( AGCO ) and Tractors and Farm Equipment did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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