30 June 1998
Monsanto snaps up Cargill seeds for £830m
LIFE sciences giant Monsanto is to buy the international seed operations of Cargill for $1.4 billion (£830m).
Cargill, the privately-owned US grain trader, said the deal reflected the groups realisation that biotechnology was completely reshaping the seed industry.
Monsanto, one of the most aggressive players in agricultural biotechnology, said ownership of the Cargill network would make it quicker and easier for its biotechnology products to break into markets outside the USA and Canada.
Monsanto calculates the acreage potential for genetically engineered seeds outside the two countries is about twice the potential within North America.
The purchase is part of a trend by “life sciences” companies to marry their biotechnology and genetic engineering capabilities with established seed businesses.
- Financial Times 30/06/98 page 23
- The Guardian 30/06/98 page 20