LEVERKUSEN, GERMANY — After nearly two years of negotiations, Bayer will close their $63 billion acquisition with Monsanto this Thursday, June 7. As stated on Bayer’s conference call Tuesday morning, Werner Baumann, CEO of Bayer AG said the integration of Monsanto into Bayer can go in effect as soon as the divestments from BASF SE are complete.
“Agriculture is way too important to allow ideological differences to bring progress to a standstill,” Werner said. “We have to talk to each other. We need to listen to each other. And that is the only way to build bridges.”
Baumann said that the Monsanto name will no longer exist once the merge is complete. However, products will still go by their original names and Bayer leaders hope the preexisting products will flourish under new guidance.
“We will live up to our responsibilities to farmers, to consumers worldwide and to the environment,” Baumann said. “Sustainability and responsibility are deeply anchored in our corporate culture.”
According to Bayer’s timeline, this is not the first time the company has successfully acquired agricultural entities, helping the business thrive in this influential niche.
In 2001, the company obtained Aventis CropScience turning Bayer into a leader within crop protection. From there, Bayer launched their first legally independent subgroup of Bayer CropScience AG in 2002, acquired Athenix Corp. in 2009 and purchased land management assets within DuPont Crop Protection in the United States, Canada, Mexico Australia and New Zealand in 2014.
“Our extensive experience in integrating other large companies have proven that we can and will be successful,” Baumann added. “Our success will depend on developing a joint corporate culture, one that unites all employees.”