Creve Coeur, MO (KTRS) Monsanto will be taken over by German-based Bayer.
The Creve-Coeur based company announced on Wednesday it has reached a $66-billion deal with Bayer AG.
“Today’s announcement is a testament to everything we’ve achieved and the value that we have created for our stakeholders at Monsanto. We believe that this combination with Bayer represents the most compelling value for our shareowners, with the most certainty through the all-cash consideration,” said Hugh Grant, Chairman and Chief Executive Officer of Monsanto.
“We are pleased to announce the combination of our two great organizations. This represents a major step forward for our Crop Science business and reinforces Bayer’s leadership position as a global innovation driven Life Science company with leadership positions in its core segments, delivering substantial value to shareholders, our customers, employees and society at large,” said Werner Baumann, CEO of Bayer AG
The deal is subject to approval by Monsanto shareholders and anti-trust regulators. It’s expected to be wrapped up by the end of 2017.