Bayer has successfully completed the acquisition of Monsanto today, calling it a "great day for farmers around the world".
Shares in the US company Monsanto will no longer be traded on the New York Stock Exchange, with German chemical giant Bayer now the sole owner of Monsanto Company.
J.P. Morgan assisted Bayer with processing the purchase price payment for the largest acquisition in the company’s history.
According to the conditional approval from the United States Department of Justice, the integration of Monsanto into Bayer can take place as soon as the divestments to BASF have been completed.
This integration process is expected to commence in approximately two months.
Werner Baumann, Chairman of the Bayer Board of Management said today is a "great day for farmers around the world."
Mr Baumann said the acquisition "will be able to help secure and improve their harvests even better."
“Today is a great day...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,” Mr Baumann added.
“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.”
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.”
“I am proud of the path we have paved as Monsanto and look forward to the combined company helping move modern agriculture forward.”
