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Monsanto shareowners approve merger with Bayer AG

In a special meeting, shareowners of Monsanto approved the merger of the company with a wholly-owned subsidiary of Bayer AG. Under the terms of the agreement for merger, the shareowners of Monsanto will receive $128 per share in cash at the closing of the transaction.

Happy at the events, Monsanto chairman and chief executive officer, Hugh Grant said this was an important milestone as the company works to combine two of its complementary companies and delivers the shared vision for the future of agriculture. By bringing together expertise and resources to drive this shared vision, the company can do even more together to benefit growers around the world and to help address broad global challenges like climate change and food scarcity.

On his part, CEO of Bayer AG, Werner Baumann observed that the acquisition of Monsanto is driven by the company’s strong belief that this combination could help address the growing challenges that farmers are facing and the overall agriculture industry today and in the future. Based on a preliminary tabulation of the shareowner vote, approximately 99 per cent of all votes cast voted in favour of the merger.

The transaction is subject to customary closing conditions including the receipt of required regulatory approvals. Bayer, with the support of Monsanto, has now submitted a number of filings, including the U.S. Hart-Scott-Rodino Act filing. Closing is expected by the end of 2017.

 
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