German firm Bayer AG’s acquisition of St. Louis, MO-based seed and agricultural solutions provider Monsanto reached completion last Thursday after completing a series of approvals from regulatory agencies across the globe.
“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 better placed to help the world’s farmers grow more healthy and affordable food in a sustainable manner,” said Werner Baumann, chairman of the Bayer Board of Management, in a press release announcing the sale’s close.
Monsanto’s integration with Bayer can move forward after the German company sells certain assets to BASF, according to a conditional approval given by the U.S. Department of Justice. The seed and pesticide firm will become a part of Bayer Crop Science when the integration takes place.
“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,” Monsanto’s outgoing chief executive officer and chairman Hugh Grant said in a statement.