Monsanto merger moves ahead
22 February 2000
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.