German pharmaceutical giant Bayer announced on Thursday it successfully completed the deal to acquire the US agrochemical and agricultural corporation Monsanto. Shares of the US company will no longer be trading on the New York Stock Exchange, while each Monsanto shareholder will receive $128 per share as part of the deal. However, according to the conditional US Department of Justice approval, the largest acquisition in Bayer’s history will happen as soon as the company sells its agricultural assets worth $9 billion.
“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,” said Werner Baumann, Chairman of the Bayer Board of Management.
Meanwhile, Monsanto’s CEO High Grant stated that 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.”