German chemical and pharma major Bayer AG on Monday said it has completed the integration of biotech major Monsanto’s India business with itself.
The National Company Law Tribunal (NCLT) last week approved the merger of Monsanto India Ltd with Bayer CropScience. Upon the merger becoming effective, the shareholders of Monsanto India Ltd will get two equity shares of Bayer CropScience for every three shares held by them in Monsanto India.
In June 2018, Bayer AG had 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.
Bayer had in May received approval from the fair trade regulator Competition Commission of India (CCI) that paved the way for the completion of the global merger.
“On September 13, 2019, the NCLT approved the merger of Monsanto India Limited into Bayer CropScience Ltd. Post the merger, Monsanto products will retain their brand names and become a part of Bayer’s product portfolio,” Bayer said in a statement.
Bayer said this integration brings together two highly complementary businesses and added that Indian farmers would benefit from its innovative crop protection products and Monsanto’s expertise in seeds & traits and digital farming applications.
D Narain, Managing Director & CEO, Bayer CropScience Ltd, said, “With the integration of Monsanto into Bayer in India, we will be able to provide Indian farmers a strong portfolio of innovation-led agricultural solutions. Our long-term goal is to unlock the growth potential of Indian agriculture as a global producer & exporter of food, feed and fibre.”
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In fiscal 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros.
Source: Economic Times