Moment of the week – Bayer closes Monsanto acquisition

bayer

Bayer successfully completed the acquisition of Monsanto. Shares in the U.S. company will no longer be traded on the New York Stock Exchange, with Bayer now the sole owner of Monsanto Company. Monsanto shareholders are being paid 128 U.S. dollars per share. J.P. Morgan assisted Bayer with processing the purchase price payment for the largest acquisition in the company’s history. According to the conditional approval from the United States Department of Justice, the integration of Monsanto into Bayer can take place as soon as the divestments to BASF have been completed. This integration process is expected to commence in approximately two months.

“Today is a great day: for our customers – farmers around the world whom we will be able to help secure and improve their harvests even better; for our shareholders, because this transaction has the potential to create significant value; and for consumers and broader society, because we will be even better placed to help the world’s farmers grow more healthy and affordable food in a sustainable manner. As a leading innovation engine in agriculture, we offer employees around the world attractive jobs and development opportunities,” said Werner Baumann, Chairman of the Bayer Board of Management. “Our sustainability targets are as important to us as our financial targets. We aim to live up to the heightened responsibility that a leadership position in agriculture entails and to deepen our dialogue with society.”

“Today’s closing represents an important milestone toward the vision of creating a leading agricultural company, supporting growers in their efforts to be more productive and sustainable for the benefit of our planet and consumers,” said Hugh Grant, outgoing Chairman and CEO of Monsanto. “I am proud of the path we have paved as Monsanto and look forward to the combined company helping move modern agriculture forward.”

Liam Condon, member of the Bayer Board of Management, will lead the combined Crop Science Division when the integration commences. Until that time, Monsanto will operate independently from Bayer.

German pharmaceutical company Bayer AG earlier this month satisfied the requirements of regulators in its pursuit to close its $63 billion acquisition of St. Louis County-based Monsanto Co.

Bayer said it began integrating the company into its corporate structure.

“Today’s milestone means that the two leading innovators in agriculture will now come together as one to shape agriculture through breakthrough innovation for the benefit of farmers, consumers and our planet,” said Liam Condon, president of Bayer’s Crop Science division, which now includes Monsanto.

The crop science division portfolio includes seeds and traits, crop protection and digital tools.

Bayer became Monsanto’s sole owner in June but had to hold off on integrating Monsanto while it completed divestments demanded by regulators.

A Bayer spokesman told the Post-Dispatch that Monsanto’s signage change to Bayer will “change over time.”

source- media.bayer.com

 

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