The proposed acquisition of Monsanto by Bayer is now one step closer.
Yesterday at Monsanto's special shareholders meeting in St. Louis, 99 per cent of voters, representing about three-quarters of all shares, voted in favour of selling to the German enterprise.
Monsanto Chairman and CEO Hugh Grant says the board is pleased about receiving such strong support from shareowners.
He feels bringing together the shared vision of both companies will help address global challenges like food security and climate change.
Werner Baumann, CEO of Bayer, says together Bayer and Monsanto will bring new innovative solutions to their customers.
He adds the combo can better tackle challenges facing farmers both today and in the coming future.
Closing of the deal is expected to come at the end of 2017. At that point, shareowners will cash out at $128 per share.
