Monsanto merger moves ahead
SPECIAL meetings will be held in March for shareholders in life science giant Monsanto and pharmaceutical company Pharmacia & Upjohn to vote on a proposed merger of the companies.
Further to the proposed merger, the companies have announced that the waiting period established under US antitrust legislation expired on 18 February. 2000.
Monsanto and Pharmacia & Upjohn have also submitted an application for antitrust clearance of the merger in the EU.
“We are making good progress towards the successful completion of the merger and are pleased with the growing understanding of our vision for Pharmacia Corporation,” said Fred Hassan, Chief Executive Officer of Pharmacia & Upjohn and CEO-designate of Pharmacia Corporation.
“We continue to obtain the required legal and regulatory clearances and look forward to receiving formal shareholder approval of the merger next month.”
When the no-premium merger proposal was announced in December many analysts said it fell far short of the best deal each company might have done.
Up to 20% of Monsantos agricultural unit, which includes genetically modified seeds and Roundup pesticide among its products, will be sold once the companies merge.
The merger is expected to close in the first half of 2000. Pharmacia Corporations corporate and pharmaceutical business headquarters will be in Peapack, New Jersey.
The agricultural business headquarters will be in St Louis and will retain the Monsanto name.
Shareholders will meet on 23 March.
- Monsanto profit up fourfold, FWi, 10 February 2000
- Merger deal is bad for Monsanto, FWi, 21 December 1999
- Monsanto to sell GM business, FWi, 20 December 1999
- Monsanto in merger talks, FWi, 17 December 1999