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Published: Wed, December 14, 2016
Economy | By Melissa Porter

Monsanto shareholders approve Bayer's $57 billion takeover

Monsanto shareholders approve Bayer's $57 billion takeover

"This is an important milestone as we work to combine our two complementary companies and deliver on our shared vision for the future of agriculture", Monsanto CEO Hugh Grant said in a December 12 release.

Finley, File The entrance to the Monsanto Co. headquarters in St. Louis.

Some Monsanto shareholders, however, said that shorter-term challenges shouldn't diminish the value of the world's largest biotech seed developer, where advances in technology can take longer than a decade to bring to market, spanning any number of ups and downs in commodity markets.

Bayer AG, the German medicine and farm chemical maker, first offered to buy St. Louis-based Monsanto in September.

Approximately 99 percent of all votes cast were in favor of the merger. "We look forward to completing the transaction and working closely with Monsanto to ensure a successful integration", said Werner Baumann, CEO of Bayer AG.

Monsanto shareholders also voted to approve a proposal that would give compensation to the Company's named executive officers in connection with the merger. Through programs and partnerships, we collaborate with farmers, researchers, nonprofit organizations, universities and others to help tackle some of the world's biggest challenges. In addition, the merger agreement says Bayer will provide a $2 billion reverse termination fee to mitigate regulatory risk to Monsanto and shareholders.

Bayer also recently entered the production ornamentals business. Bayer also owns Dr. Scholl's foot products and Coppertone sunscreen. We produce a variety of seeds ranging from fruits and vegetables to key crops - such as corn, soybeans, and cotton - that help farmers produce abundant and nutritious food.

"My view hasn't changed since November, I'm still confident", Grant said to The wall Street Journal on Tuesday.

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