TAFE’s $585M AGCO Position Unchanged; Litigation Talks Extended

Rhea-AI Filing Summary

Schedule 13D/A Overview: Tractors & Farm Equipment Ltd ("TAFE"), its subsidiary TAFE Motors & Tractors Ltd and Chairperson Mallika Srinivasan have filed Amendment No. 24 to their Schedule 13D on AGCO Corporation (NYSE: AGCO).

Current Ownership: Based on 74,586,793 shares outstanding as of 28 April 2025, TAFE beneficially owns 12,150,152 shares (≈16.3%), TAFE Motors & Tractors owns 3,263,321 shares (≈4.4%), and Ms Srinivasan owns an aggregate 12,173,865 shares (≈16.3%, including 23,713 shares held directly). Voting and dispositive power is shared across the group, except for Ms Srinivasan’s individually awarded shares.

Cost Basis: Excluding the director‐awarded shares, total cash deployed to accumulate the position equals $585.8 million, funded from the working capital of TAFE and its subsidiary.

Key New Development: On 25 June 2025 the parties executed Amendment No. 3 to the 2019 Letter Agreement with AGCO, primarily extending its termination date to 15 July 2025 while all other terms remain unchanged. The extension is linked to "advanced discussions" aimed at resolving ongoing litigation and other matters between TAFE and AGCO. The full amendment is included as Exhibit 99.1.

No Recent Trading: The Reporting Persons state they have conducted no AGCO share transactions in the past 60 days.

Implications for Investors: The 16% stake confirms TAFE’s position as AGCO’s largest outside shareholder, maintaining considerable influence. The agreement extension suggests negotiations are progressing but not yet finalized, leaving litigation risk and potential governance outcomes open until mid-July.

Positive

• Large insider-style stake maintained: TAFE continues to hold ≈16% of AGCO, affirming long-term strategic interest.
• Agreement extension signals constructive dialogue: Both parties opted for negotiation over litigation escalation, reducing immediate legal uncertainty.

Negative

• Litigation still unresolved: The amendment only delays the termination date, leaving underlying disputes outstanding.
• Lack of new operational concessions: Filing offers no insight into strategic initiatives or governance changes that could unlock value.

Insights

Securities Analyst

TL;DR – Ownership unchanged; agreement extended to 15 July 2025, signalling talks continue but no concrete resolution yet.

The amendment contains no change in share count or additional purchases; ownership holds at ≈16%. The $585.8 million cost basis implies an average entry price near $48/sh, below AGCO’s recent $120+ trading range, indicating a deep-in-the-money position that TAFE is incentivised to defend. Extending the Letter Agreement buys time for a negotiated settlement of litigation, avoiding forced divestiture or escalated legal cost. However, absence of transaction activity or governance concessions keeps the filing largely procedural. The market is likely to view the news as neutral until a definitive settlement emerges.

Corporate Governance Expert

TL;DR – Extension shows cooperation trajectory; litigation still unresolved, governance impact TBD.

By mutually extending the Letter Agreement, AGCO and TAFE demonstrate willingness to settle disputes outside the courtroom. This reduces near-term hostility risk but does not eliminate uncertainty because key litigation terms are undisclosed. TAFE’s 16% holding continues to warrant board attention, and Ms Srinivasan’s prior directorship plus incentive shares highlight ongoing personal alignment. Investors should monitor whether the July deadline yields a comprehensive settlement or yet another extension, which would affect AGCO’s legal expenses and potential strategic actions such as share repurchase limitations or standstill provisions contained in the Letter Agreement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 24)

AGCO CORP /DE

(Name of Issuer)

Common Stock

(Title of Class of Securities)

001084102

(CUSIP Number)

Andrew M. Freedman
Olshan Frome Wolosky LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

Dennis Hranitzky
Quinn Emanuel Urquhart & Sullivan LLP, 51 Madison Avenue, 22nd Floor
New York, NY, 10010
212-849-7000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/25/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 001084102

1

Name of reporting person

Tractors & Farm Equipment Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

INDIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,150,152.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,150,152.00

11

Aggregate amount beneficially owned by each reporting person

12,150,152.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 001084102

1

Name of reporting person

TAFE Motors & Tractors Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

INDIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,263,321.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,263,321.00

11

Aggregate amount beneficially owned by each reporting person

3,263,321.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 001084102

1

Name of reporting person

SRINIVASAN MALLIKA

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

INDIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 23,713.00
8	Shared Voting Power 12,150,152.00
9	Sole Dispositive Power 23,713.00
10	Shared Dispositive Power 12,150,152.00

11

Aggregate amount beneficially owned by each reporting person

12,173,865.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.3 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: AGCO CORP /DE
(c)	Address of Issuer's Principal Executive Offices: 4205 RIVER GREEN PKWAY, DULUTH, GEORGIA , 30096.
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 previous 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.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby further amended and supplemented by adding the following: As TAFE and the Issuer continue to engage in advanced discussions regarding the resolution of the ongoing litigation and various other matters between the parties, effective June 25, 2025, TAFE and the Issuer executed Amendment No. 3 to the Amended and Restated Letter Agreement, dated April 24, 2019 (the "Letter Agreement"), pursuant to which, the termination date of the Letter Agreement was extended until July 15, 2025. All other terms of the Letter Agreement remain in full force and effect. The foregoing description of Amendment No. 3 to the Letter Agreement is qualified in its entirety by reference to the full text of Amendment No. 3 to the Letter Agreement, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of shares reported owned on this Schedule 13D is based on 74,586,793 shares of Common Stock outstanding as of April 28, 2025, 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 May 1, 2025. 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)	A. TAFE 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 12,150,152 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 12,150,152 B. TAFE Motors and Tractors 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 3,263,321 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 3,263,321 C. Mallika Srinivasan 1. Sole power to vote or direct vote: 23,713 2. Shared power to vote or direct vote: 12,150,152 3. Sole power to dispose or direct the disposition: 23,713 4. Shared power to dispose or direct the disposition: 12,150,152
(c)	None of the Reporting Persons has entered into any transactions in the securities of the Issuer during the past sixty days.
(d)	Not applicable
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby further amended and supplemented by adding the following: The description of Amendment No. 3 to the Letter Agreement set forth in Item 4 above is incorporated herein by reference. The description of the Amendment No. 3 to the Letter Agreement is qualified in its entirety by reference to the full text of the Amendment No. 3 to the Letter Agreement, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibits: 1 - Persons through whom Amalgamations Private Limited ("Amalgamations") may be deemed to control the Companies; Directors and Executive Officers of the Companies; Directors and Executive Officers of Amalgamations 99.1 - Amendment No. 3 to the Letter Agreement, dated June 25, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Tractors & Farm Equipment Ltd

Signature:	/s/ Andrew M. Freedman
Name/Title:	Andrew M. Freedman, attorney-in-fact*
Date:	06/27/2025

TAFE Motors & Tractors Ltd

Signature:	/s/ Andrew M. Freedman
Name/Title:	Andrew M. Freedman, attorney-in-fact*
Date:	06/27/2025

SRINIVASAN MALLIKA

Signature:	/s/ Andrew M. Freedman
Name/Title:	Andrew M. Freedman, attorney-in-fact*
Date:	06/27/2025

Comments accompanying signature:

* This Amendment No. 24 to Statement on Schedule 13D was executed by Andrew M. Freedman as Attorney-In-Fact for Tractors and Farm Equipment Limited, TAFE Motors and Tractors Limited and Mallika Srinivasan, pursuant to the Limited Power of Attorney granted by them, which is included as Exhibit E to Amendment No. 18 to Statement on Schedule 13D filed by the Reporting Persons on August 6, 2024.

FAQ

How much AGCO stock does TAFE currently own?

12,150,152 shares, representing approximately 16.3% of outstanding common stock.

What is the total percentage of AGCO controlled by the reporting group?

Combined beneficial ownership is around 16.3% based on 74,586,793 shares outstanding.

What was the purchase cost disclosed in the Schedule 13D/A?

TAFE and its subsidiary invested $585,803,125.51 (excluding commissions) to buy their AGCO shares.

What change was made to the Letter Agreement on 25 June 2025?

Amendment No. 3 extends the termination date to 15 July 2025; all other terms stay the same.

Were any AGCO shares bought or sold by the reporting persons in the last 60 days?

No, the filing states no transactions occurred during that period.