AGCO (AGCO) shareholder Tractors and Farm Equipment Ltd, or TAFE, said Tuesday that AGCO's recent Q4 and full-year 2024 results were "disappointing."

"AGCO's revenue and operating margin have trailed peers for more than a decade -- even as leadership has poured significant capital into numerous acquisitions," TAFE said.

AGCO's "recent Analyst Day and financial results have only deepened our concerns regarding AGCO's strategic direction and the board's inadequate oversight of all areas of the business," the shareholder said.

TAFE also said that "after spending $2 billion to acquire PTx Trimble technology assets, [AGCO] has not disclosed key metrics related to the joint venture, including its 2024 performance, 2025 outlook and the impact of layoffs."

TAFE, which has a 16.3% stake in AGCO, said it has withdrawn a 14a-8 shareholder proposal from AGCO's proxy statement for the 2025 annual meeting as it believes that "stronger action must be taken to strengthen the board's oversight of management and ensure a focus on shareholder value creation."

AGCO didn't immediately respond to a request for comment by MT Newswires.

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