The Monsanto company name, which has become synonymous with genetically modified food and as a longstanding target of environmental activists, will disappear after the completion of its $63bn (£47bn) sale to the German company Bayer on Thursday [June 7].
Bayer, a pharmaceuticals and chemicals giant, said on Monday [June 4] it would immediately retire the 117-year-old Monsanto brand name. “Bayer will remain the company name. Monsanto will no longer be a company name,” it said in a statement. “The acquired products will retain their brand names and become part of the Bayer portfolio.”
Bayer won approval for the takeover from US and European regulators after agreeing to sell $9bn worth of assets to reduce the combined companies’ dominance of the global seeds market.
“The acquisition of Monsanto is a strategic milestone in strengthening our portfolio of leading businesses in health and nutrition,” [Bayer’s chairman, Werner] Baumann said. “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.”
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