Bayer will remain the company name with acquired products retaining their brand names and becoming part of the Bayer portfolio
Bayer was expecting to complete the acquisition of Monsanto yesterday (June 7) after it received approvals from all regulatory authorities.
Bayer will become the sole shareholder of Monsanto on June 7.
According to the conditional approval from the United States Department of Justice, the integration of Monsanto into Bayer could take place as soon as the divestments to BASF were completed, in approximately two months.
Werner Baumann, Chairman of the Board of Management of Bayer AG, said: “The acquisition of Monsanto is a strategic milestone in strengthening our portfolio of leading businesses in health and nutrition.
“We will double the size of our agriculture business and create a leading innovation engine in agriculture, positioning us to better serve our customers and unlock the long-term growth potential in the sector.”
Liam Condon, Bayer board member and president of the crop science division said the combination of the businesses would allow them to deliver more innovation faster.
“Going forward, our teams in the labs and in the field will be able to take a much more holistic approach to innovation as we address the enormous challenges we face in agriculture.”
Mr Baumann added Bayer was ‘fully aware of the heightened responsibility that a leadership position in agriculture entails’.
And the company would ‘continue to further strengthen its commitment to sustainability.
“We will apply the same rigor to achieving our sustainability targets as we do to our financial targets,” said Mr Baumann.
He added Bayer was also committed to further enhancing stakeholder engagement.
“We aim to deepen our dialogue with society. We will listen to our critics and work together where we find common ground.
“Agriculture is too important to allow ideological differences to bring progress to a standstill. We have to talk to each other. We need to listen to each other. It is the only way to build bridges.”