WASHINGTON - Agricultural business giant Monsanto is abandoning its takeover bid for competitor Syngenta AG after the Swiss chemical producer rejected its latest offer of roughly $47 billion. 

A combination with Basel-based Syngenta would have made Monsanto the world's largest producer of farming chemicals, on top of its market-leading seed business. But the Swiss company rejected a series of unsolicited offers from the American company. 

Monsanto confirmed Wednesday that it had raised its offer last week to 470 francs per share, or roughly $47 billion, from a previous offer of about $45 billion. Additionally, the company confirmed it had raised its proposed breakup fee to $3 billion from $2 billion. 

But Monsanto says the enhanced offer "did not meet Syngenta's financial expectations."

Monsanto Co. shares rose more than 6 percent in morning trading.