Agribusiness giant Monsanto has abandoned plans to take over competitor Syngenta, putting to rest speculation that the company was pushing a $46.5 billion hostile bid.

The company announced in a press release that it would no longer pursue merger plans, blaming Syngenta's rejection of their proposal which fell short of the Swiss pesticide producer's "financial expectations."

"Without a basis for constructive engagement from Syngenta, Monsanto will continue to focus on its growth opportunities," Monsanto said in the release.

According to anonymous sources cited by Forbes, Bloomberg and other business media, to overcome an early rejection the company had previously increased its takeover offer to $46.5 billion, offered a higher proportion of cash, and raised its insurance offer in case antitrust regulators blocked the deal from $2 billion to $3 billion.

Following news of the scuttled deal, shares of Syngenta fell 18 percent and Monsanto's shares climbed 8 percent.

Read More:

• Monsanto Tops 3Q Earnings Expectations But Misses On Revenue, Pushes Syngenta Combination (Associated Press)
• Monsanto Drops $46.5B Bid For Syngenta, Paving Way For Stock Buyback Amid Market Rout (Forbes)
• Monsanto Drops Pursuit Of Swiss Agribusiness Rival Syngenta (Reuters)