Monsanto shareowners approve Bayer merger - KMOV.com

Monsanto shareowners approve Bayer merger

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(Credit: KMOV) (Credit: KMOV)

ST. LOUIS (KMOV.com/AP) – Monsanto shareowners have approved the merger with Bayer.

During a special meeting Tuesday morning, shareowners agreed to receive $128 per share in chase at the closing of the merger between the two companies.

“We are pleased we received such strong support from our shareowners,” said Hugh Grant, Monsanto Chairman and Chief Executive Officer. “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. By bringing together our expertise and our resources to drive this shared vision, we can do even more together to benefit growers around the world and to help address broad global challenges like climate change and food scarcity.”

Bayer AG, the German medicine and farm chemical maker, first offered to buy St. Louis-based Monsanto in September. Monsanto sells seeds and crop protection chemicals to farmers.

The companies still expect the deal to close by the end of 2017 and are currently seeking regulatory approval.

Shares of Monsanto Co. rose 55 cents to $105.14 shortly after the stock market opened Tuesday.

The $66 billion deal was announced in September.

Copyright 2016 KMOV (Meredith Corporation). All rights reserved.

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