German based Bayer has reached an agreement to acquire seed and pesticide firm Monsanto for $ 66 Billion. Bayer CEO Werner Baumann made the announcement today during a news conference.
Monsanto CEO Hugh Grant says the deal will benefit both company’s shareholders, growers and consumers and allow for greater agricultural research and development.
Baumann says they hope to get all the regulatory approvals they need and be able to close the deal before the end of next year.
The combined company’s seeds divisions and headquarters in North America will be based in St. Louis. The pesticide and crop science division will be based in Monheim, Germany.
