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AGCO CORPORATION ANNOUNCES EXERCISE OF OVER-ALLOTMENT AND DIVIDEND

 ATLANTA, May 27 /PRNewswire/ -- AGCO Corporation (NASDAQ: AGCO) announced the underwriters exercised their option to purchase an additional 480,000 depositary shares in connection with the company's recent convertible exchangeable preferred stock offering.
 The company issued a total of 3,680,000 depositary shares, including the over-allotment, each representing 1/10 of a share of cumulative convertible exchangeable preferred stock. The depositary shares are traded under the symbol "AGCOZ" on the NASDAQ National Market System. The offering was managed by Dillon, Read & Co., Inc., and Smith Barney, Harris Upham & Co., Incorporated.
 The depositary shares were priced at $25 per share, an amount equal to the liquidation preference per depositary share. Dividends on the preferred stock will be payable quarterly commencing Sept. 1 at the rate of 6.5 percent per annum. Shares of the preferred stock are convertible at any time, at the option of the holder, into shares of the company's common stock at a conversion price of $19 per share. Net proceeds from the offering, estimated at $88 million, will be used to repay borrowings outstanding under its revolving credit facility.
 The company also announced that its board of directors approved a quarterly dividend on the company's common stock of $.01 per share. The dividend is payable July 8 to holders of record June 18.
 AGCO is a major distributor and manufacturer of agricultural equipment and related replacement parts in the United States and Canada, offering a full product line, which includes tractors, combines, hay tools, forage equipment and implements.
 -0- 5/27/93
 /CONTACT: Allen W. Ritchie, senior vice president and CFO of AGCO, 404-246-6110/
 (AGCO)


CO: AGCO Corporation ST: Georgia IN: SU: OFR DIV

BN-TG -- AT012 -- 3166 05/27/93 17:28 EDT
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Publication:PR Newswire
Date:May 27, 1993
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