DuPont buys worlds biggest seed firm

16 March 1999

DuPont buys world’s biggest seed firm

DUPONT has paid $7.7 billion (£4.76bn) to buy an outstanding 80% of Pioneer HiBred, the worlds largest seed business.

The US chemical company acquired a fifth of the company in January last year for $1.7bn, and established a joint venture, Optimum Quality Grains, to develop the business.

DuPont plans to invest more than $500m in agriculture-based research and development in the first year after its acquisition of Pioneer Hibred.

The seed company had sales last year of $1.8bn and net income of $270m.

• Monsanto shares rise on DuPont rumour, FWi, 04 March, 1999
• Monsanto and Zeneca named as possible bolt-ons for DuPont, FWi, 20 May, 1998
• Agrochemicals put big money into biotech, FWi, 25 September, 1997
• DuPont, Pioneer form agricultural R&D venture, FWi, 08 August, 1997
  

• The Times 16/03/02/99 page 27
  
• Financial Times 16/03/99 page 33