Monsanto CEO Hugh Grant says he will step down once the Bayer deal closes
Monsanto CEO Hugh Grant says he will step down once the Bayer deal closes
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Monsanto CEO Hugh Grant says he will step down once the Bayer deal closes
Monsanto Co. Chief Executive Hugh Grant said Monday he will step down and leave the company once the company's takeover by Bayer AG has closed. Grant will remain as CEO and chairman until then, he said in a statement. Other executive Team members who are departing after closing include: Chief Financial Officer Pierre Courduroux, Chief Technology Officer Dr. Robert Fraley, Chief of Staff and Community Relations Janet Holloway, Chief Human Resources Officer Steven Mizell, Chief Strategy Officer Kerry Preete, Controller Nicole Ringenberg, and Secretary and General Counsel David Snively, said the statement. Shares were slightly higher premarket, and have gained 7% in the last 12 months, while the S&P 500 has gained 11%.
BASF SE (BAS.XE) doesn't anticipate any significant savings following the integration of Bayer AG's (BAYN.XE) agricultural businesses, Chief Financial Officer Hans-Ulrich Engel said Friday. European regulators recently gave the green light for BASF to buy a group of agricultural assets that Bayer is selling to gain approval for its proposed takeover of Monsanto Co.
The European Commission said Monday that it has approved the acquisition of parts of Bayer AG's (BAYN.XE) crop-science business by BASF SE (BAS.XE). On April 26, Bayer had said that it had signed an agreement to sell further crop-science businesses to BASF for up to 1.7 billion euros ($2.07 billion) as part of its planned acquisition of Monsanto Co.
Bayer AG (BAYN.XE) said Thursday that it has signed an agreement to sell further Crop Science businesses to BASF SE (BAS.XE) for up to 1.7 billion euros ($2.07 billion) as part of its planned acquisition of Monsanto Co. (MON).
Bayer AG (BAYN.XE) said Friday that Russian antitrust authorities have approved its proposed $57 billion acquisition of Monsanto Co. (MON) on the condition that the German company transfers certain technologies to Russian recipients.
(Adds context on Monsanto financing) Bayer AG (BAYN.XE) said late Monday it would sell new shares to investment company Temasek for roughly 3 billion euros ($3.7 billion), proceeds Bayer will use to help finance its takeover of Monsanto Co. MON. In the transaction, Singapore state investment company Temasek will subscribe to 31 million new Bayer shares, or around 3.6% of Bayer's capital stock, bringing its stake to about 4%.
The Food and Drug Administration on Monday tightened restrictions on the sale and distribution of Bayer AG's sterility device Essure. The agency will now require that both the patient and health-care provider sign an acceptance-of-risk form to prove that the patient has received all relevant information about the risks associated with permanent birth-control implant.
The Justice Department has decided to allow Bayer AG's deal to acquire Monsanto Co. go through after the companies vowed to sell additional assets to secure antitrust approval, according to a The Wall Street Journal report that cited people familiar with the matter. The $62.5 billion takeover, announced in 2016, was approved last month by the European Union and conditionally by China. Bayer earlier this year had already announced selling more assets to secure the deal. Shares of Monsanto spiked after the report, and recently rose 6.6%. The shares have gained 8% in the past 12 months, compared with 13% gains for the S&P 500 index and an 18% advance for the Dow Jones Industrial Average in the same period.
Shares of Monsanto Co. fell 0.8% in premarket trade Thursday, after the seeds and agricultural products company missed profit and sales expectations, but said it remained 'confident' that the merger with Bayer AG will be completed by the end of the current quarter. The company said net income for the quarter to Feb. 28 rose to $1.46 billion, or $3.27 a share, from $1.37 billion, or $3.09 a share, in the same period a year ago. Ongoing earnings per share, which excludes non-recurring items, rose to $3.22 from $3.19, but missed the FactSet consensus of $3.31. Total revenue slipped to $5.02 billion from $5.07 billion, below the FactSet consensus of $5.34 billion, as sales of seeds and genomics fell to $4.09 billion from $4.19 billion to miss expectations of $4.34 billion. Within that business segment, soybean seed and traits sales rose to $912 million from $862 million, above the FactSet consensus of $911 million. The stock has lost 2.0% over the past three months, while the S&P 500 has declined 3.6%.
Monsanto Q2 seeds and genomics sales $4.09 bln vs. $4.19 bln; FactSet consensus $4.34 bln
Monsanto Q2 total revenue $5.02 bln vs. $5.07 bln; FactSet consensus $5.34 bln
Monsanto Q2 ongoing EPS $3.22; FactSet EPS consensus $3.31
Monsanto Q2 EPS $3.27 vs. $3.09 a year ago
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Monsanto Co. engages in the provision of agricultural products to farmers. The company operates its business through the following business segments: Seeds & Genomics and Agricultural Productivity. The Seeds & Genomics segment produces seed brands, including DEKALB, Asgrow, Deltapine, Seminis and De Ruiter and develops biotechnology traits that assist farmers in controlling insects and weeds. The Agricultural Productivity segment manufactures Roundup and Harness brand herbicides and other herbicides. It also provides other seed companies with genetic material and biotechnology traits for their seed brands. Monsanto was founded by John F. Queeny in 1901 and is headquartered in St. Louis, MO. (See Full Profile)
Name | Chg % | Market Cap |
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Origin Agritech Ltd. | $14.71M | |
Archer Daniels Midland Co. | $24.53B | |
FMC Corp. | $11.76B | |
Scotts Miracle-Gro Co. | $4.64B | |
BASF SE ADR | $95.2B |