FRANKFURT (Reuters) – Germany's Bayer will finalize Monsanto's acquisition of $ 63 billion on Thursday and will also remove the 117-year-old seed manufacturer's name from the United States.
The German drug manufacturer received all approvals required by regulatory authorities, said in a statement on Monday.
"Bayer will remain the name of the company, Monsanto will no longer be a company name, the products acquired will retain their brands and become part of the Bayer portfolio," he said.
Bayer launched a 6 billion euro ($ 7 billion) rights issue on Sunday, one of the cornerstones of the financing package for the deal, shortly after removing the last major antitrust hurdle in the United States.
The agreement is the first of a trio of important merger agreements between the US. UU And Germany to cross the finish line at a time of harsh criticism by US President Donald Trump about Germany's trade surplus with the United States.
T-Mobile U.S. Deutsche Telekom plans to merge with Sprint for $ 26 billion, while industrial gas makers Linde and Praxair are also trying to merge.
Bayer was expected to get rid of the name of the target. Monsanto, the largest (although not the only) manufacturer of genetically modified seeds, has been a lightning rod for the opposition of ecologists to technology.
The US seed manufacturer UU It has also generated criticism for pursuing its intellectual property rights with farmers, many of whom depend on their seeds, more aggressively than their peers.
"Our goal is to deepen our dialogue with society, we will listen to our criticisms and we will work together where we find common ground.Agriculture is too important to allow ideological differences to bring progress to a standstill," said the CEO of Bayer, Werner Baumann, in a statement.
The Indian units of listed companies, Bayer CropScience Ltd. and Monsanto India Ltd., will continue to operate independently for the time being, Bayer said in a separate statement.
Ludwig Burger's report; Edition of Maria Sheahan / Keith Weir