It was announced in a release that Bayer had successfully completed the acquisition of Monsanto, but no branding changes will take place just yet. Monsanto will operate independently from Bayer for an interim period while Bayer completes the sale of some of its businesses to BASF. According to the conditional approval from the U.S. Department of Justice, the integration of Monsanto into Bayer can take place once the divestments to BASF have been completed. That process is expected to take about two months, so during this time, Monsanto notes it will be business as usual for them, including using their company name.
In the release, Werner Baumann, Chairman of the Bayer Board of Management, said “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.”
Hugh Grant, outgoing Chairman and CEO of Monsanto, said “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.” He said “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.
To read more of this release click here.