German chemical and pharma major Bayer AG today announced completion of the USD 63 billion mega-deal to acquire US-based biotech major Monsanto to create the world's biggest agro-chemical and seed company.
The deal, which was announced in September 2016, was closed today after Bayer got all necessary regulatory approvals from various countries including the US and India.
"Bayer successfully completed the acquisition of Monsanto on Thursday," the German firm said in a statement.
In India, both entities have presence in production and sale of vegetable seeds, cotton seeds as well as in production and sale of non-selective herbicides.
The shares of Monsanto would no longer be traded on the New York Stock Exchange, with Bayer now the sole owner of Monsanto Company, it added.
Monsanto shareholders are being paid USD 128 per share. The deal value is about USD 63 billion taking into account Monsanto's debt outstanding as of February 28, 2018.
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According to the conditional approval from the United States Department of Justice, the integration of Monsanto into Bayer would take place after divestment of certain assets to BASF gets completed.
This integration process is expected to commence in approximately two months, Bayer said.
Werner Baumann, Chairman of the Bayer Board of Management, said: "Today is a great day: for our customers farmers around the world whom we will be able to help secure and improve their harvests even better; for our shareholders, because this transaction has the potential to create significant value; and for consumers and broader society, because we will be even better placed to help the world's farmers grow more healthy and affordable food in a sustainable manner."
Hugh Grant, outgoing chairman and CEO of Monsanto said, "Today's closing represents an important milestone toward the vision of creating a leading agricultural company, supporting growers in their efforts to be more productive and sustainable for the benefit of our planet and consumers."