Monsanto shareholders have approved a proposed merger with Bayer AG. Under the terms of the merger agreement, Monsanto shareowners will receive $128 per share in cash at the closing of the merger. On Tuesday, Monsanto CEO Hugh Grant called the approval an “important milestone” for both companies. Bayer AG leadership says the merger will “help address the growing challenges facing farmers.” Ninety-nine percent of the votes by Monsanto shareholders were in favor of the merger, according to a Monsanto news release.
The merger is subject to regulatory approval and is expected to be completed by the end of 2017. Bayer and Monsanto announced the merger agreement in September. Under the terms, Bayer AG agreed to purchase Monsanto for $66 billion.
Radical environmental groups are mounting a campaign to discredit the merger deal. In reaction to the announcement, Toni Preston, campaigner for SumOfUs, an international consumer watchdog, issued the following statement: “The merger between Bayer and Monsanto is a major threat to the global food supply and the global economy. While Monsanto shareholders have accepted Bayer’s controversial bid, the US Justice Department, state attorneys general, the US Congress, and EU regulators must stand up for consumers and farmers and reject this deal as a major violation of antitrust protections.”
Source: NAFB News Service