Bayer completes Monsanto acquisition, but integration of companies must wait
June 8, 2018
Bayer, the German health and agribusiness company, successfully completed the acquisition of Monsanto on Thursday but the full integration of Monsanto has to wait until Bayer divests some divisions to BASF and receives Justice Department approval, Bayer announced.
The integration process is expected to commence in approximately two months, Bayer said.
"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," Bayer said. "Monsanto shareholders are being paid $128 per share."
"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," said Werner Baumann, chairman of the Bayer Board of Management.
"As a leading innovation engine in agriculture, we offer employees around the world attractive jobs and development opportunities," Baumann said.
"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."
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"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, Bayer said. Until that time, Monsanto will operate independently from Bayer.