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Bayer, the German crop science company, this week completed its €54bn takeover of US seed and chemical giant Monsanto. It’s more than two years since Bayer first announced its intention to acquire Monsanto.
The acquisition received regulatory approval from EU competition authorities in March this year, before getting the green light from the US Department of Justice last week.
As part of the agreement, Bayer has promised EU and US competition authorities it will sell part of its herbicide and seeds business to rival company BASF. This includes Bayer’s canola, cotton, and soya bean seeds business, an R&D platform for hybrid wheat varieties, its global vegetable seed business as well as certain glyphosate-based herbicides in Europe. The value of these businesses are in excess of €6bn.
Monsanto no more
After 117 years in business, the Monsanto name will be no more from this week as Bayer announced it will retire the brand.
“Bayer will remain the company name. Monsanto will no longer be a company name. The acquired products will retain their brand names and become part of the Bayer portfolio,” the German company said in a statement this week.
The Monsanto name has long been a target for opponents of genetically modified (GM) crops and environmental activists.
Werner Baumann, chair of Bayer, said the company will engage with its critics following the takeover.
“We aim to deepen our dialogue with society. Agriculture is too important to allow ideological differences to bring progress to a standstill,” he said.
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