12 May 1998
Monsanto snaps up two biotech firms for $4bn
MONSANTO is to acquire full ownership of two genetic businesses, DeKalb Genetics and Delta & Pine, in two separate deals worth about $4 billion (£2.4bn) in total.
Monsanto said the move marks its commitment to agricultural genetics.
DeKalb is the second largest supplier of hybrid seed corn in the USA and Delta & Pine is a big producer and marketer of cotton seed. Monsanto had held minority stakes in both.
Monsanto said the purchases broadened the immediate availability of first wave “agronomic traits” which guarded against insect problems during the growing period. They also paved the way for the second wave of genetic engineering in agricultural products, designed to enhance yields or to deliver specific nutritional contents.
- Financial Times 12/05/98 page 32