Release Details

DULUTH, Ga., March 24 /PRNewswire-FirstCall/ -- AGCO Corporation (NYSE: AG), a worldwide designer, manufacturer and distributor of agricultural equipment, today announced that it has filed a prospectus supplement with the Securities and Exchange Commission and expects to offer 12,800,000 shares of common stock in a fully underwritten public offering. All of the shares will be sold by AGCO, and AGCO expects to grant the underwriters an option to purchase up to 1,920,000 additional shares of common stock to cover over allotments, if any. At the last reported sale price of AGCO common stock on the New York Stock Exchange on March 23, 2004, the sale of the 12,800,000 shares would generate estimated net proceeds of approximately $231 million to AGCO. The proceeds will be used to repay existing indebtedness. The offering is expected to price during the week of March 29, 2004.

Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. will act as joint-bookrunners and lead underwriters for the proposed offering. Bear, Stearns & Co. Inc., Rabo Securities USA, Inc., Tokyo-Mitsubishi International plc, SunTrust Capital Markets, Inc. and Natexis Bleichroeder Inc. will serve as co-managers for the proposed offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer will be made only by means of the prospectus supplement and related prospectus. Potential investors should read those documents carefully before making any investment decision. Copies of the preliminary prospectus supplement and related prospectus may be obtained by contacting by contacting Morgan Stanley & Co. Incorporated, Prospectus Department, 1585 Broadway, New York, New York 10036.

Safe Harbor Statement

AGCO's expectations with respect to the offering constitute forward looking statements. Actual results may differ materially from those suggested in the forward looking statements for a number of reasons, including market receptivity to the offering, general economic conditions and other changes that impact AGCO's business or the farm equipment industry in general.

AGCO Corporation, headquartered in Duluth, Georgia, is a global designer, manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in over 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 8,400 independent dealers and distributors around the world. AGCO products are distributed under the brand names AGCO(R), Agco Allis(R), AgcoStar(R), Challenger(R), Farmhand(R), Fendt(R), Fieldstar(R), Gleaner(R), Glencoe(R), Hesston(R), LOR*AL(R), Massey Ferguson(R), New Idea(R), RoGator(R), SisuDiesel(TM), Soilteq(TM), Spra-Coupe(R), Sunflower(R), TerraGator(R), Tye(R), Valtra(R), White(TM), and Willmar(R). AGCO provides retail financing through AGCO Finance in North America and through Agricredit in the United Kingdom, France, Germany, Ireland, and Brazil. In 2003, AGCO had net sales of $3.5 billion.

Please visit our website at www.agcocorp.com .

SOURCE AGCO Corporation