The $57 billion purchase of Monsanto, the world’s largest seed company, by German pharmaceutical giant Bayer has the approval of Monsanto shareholders by a three-to-one vote, said the St. Louis-based company after a special meeting. Chief executive Hugh Grant said he was confident of U.S. antitrust approval of the deal, creating a seed and agricultural chemical behemoth.
“My view hasn’t changed since November, I’m still confident,” Grant told the Wall Street Journal, referring to the election of Donald Trump as president. “This is another building block that makes the Midwest a biotech hub for the planet.”
Grant said the combined company will step up its research and development efforts, which will benefit farmers in the end despite concern in some quarters about decreased competition. “This isn’t about skinnying down,” Grant told the Journal.