Pharmaceutical company Bayer has completed its acquisition of agricultural giant Monsanto, the company announced Thursday.
Shares of Monsanto will no longer be traded on the New York Stock Exchange, and shareholders are being paid $128 per share. The deal is valued at more than $60 billion.
This is the largest acquisition in Bayer’s history, according to a statement, and will take about two months for the companies to fully integrate.
“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. As a leading innovation engine in agriculture, we offer employees around the world attractive jobs and development opportunities,” said Werner Baumann, chairman of the Bayer board of management. “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.”
Bayer has been growing its agroscience sector in recent years, and will have Liam Condon, a member of the board of management, lead the combined crop science divison.
“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,” said Hugh Grant, outgoing chairman and CEO of Monsanto. “I am proud of the path we have paved as Monsanto and look forward to the combined company helping move modern agriculture forward.”
Bayer, which has its U.S. headquarters in Pittsburgh, has a major office in Whippany.
