Quantcast
Business
Conan / Flickr / CC BY 2.0

Bayer to Drop Monsanto Name After $63 Billion Takeover

Bayer plans to complete its $63 billion acquisition of Monsanto on Thursday after receiving all required approvals from regulatory authorities.

The German pharmaceutical company will also retire the St. Louis-based corporation's 117-year-old name.


"Bayer will remain the company name. Monsanto will no longer be a company name. The acquired products will retain their brand names and become part of the Bayer portfolio," Bayer announced Monday.

Fortune pointed out that name-changes during acquisitions is unusual, especially when a company is very recognizable. However, as one of the world's most hated companies, ditching Monsanto's name was not only expected, it was likely Bayer's best way forward.

Monsanto's historical line-up of products includes banned and highly toxic chemicals such as 2,4,5-trichlorophenoxyacetic acid (a dioxin-containing component of the defoliant Agent Orange); PCBs (polychlorinated biphenyl); and Lasso, a herbicide banned in Europe. Glyphosate, the main ingredient in Monsanto's best-selling weedkiller RoundUp, is the most widely used pesticide in the world and likely the most controversial. Monsanto is also the largest maker of genetically modified (GMO) seeds, giving them major hand control of the world food supply.

Activists have also condemned the company's pursuit of lawsuits against small farmers to protect its patents on seeds.

Bayer announced its intention to acquire Monsanto in May 2016, a move that will create world's largest integrated pesticides and seeds company.

Critics have dubbed the purchase as a "merger from hell." A recent poll found that the vast majority of surveyed farmers were concerned that the integrated company will use its dominance in one product to push sales of other products. They also expressed fears that that the merged entity will control data about farm practices and increase pressure for chemically dependent farming.

"We aim to deepen our dialogue with society," said Bayer CEO Werner Baumann, in a statement. "We will listen to our critics and work together where we find common ground. Agriculture is too important to allow ideological differences to bring progress to a standstill. We have to talk to each other. We need to listen to each other. It's the only way to build bridges."

President Trump's Department of Justice approved a deal in which Bayer agreed to the largest divestiture in American antitrust enforcement history. The drug-maker will sell assets worth roughly $9 billion to chemical giant BASF.

"Innovation is vital to produce more healthy, safe and affordable food for a growing population in a more sustainable manner. The combination of the two businesses will allow us to deliver more innovation faster and provide solutions tailored to the needs of farmers around the world," said Liam Condon, Bayer board member and president of the crop science division, in a statement. "Going forward, our teams in the labs and in the field will be able to take a much more holistic approach to innovation as we address the enormous challenges we face in agriculture."

Show Comments ()

EcoWatch Daily Newsletter

Sponsored
Renewable Energy
Denver will get 100 percent of its energy from renewable sources by 2030. Robert Kash / Flickr / CC BY 2.0

Denver to Go 100 Percent Renewable by 2030

Denver became the 73rd city in the U.S. to commit to 100 percent renewable energy when Mayor Michael Hancock announced the goal in his State of the City speech Monday, The Denver Post reported.

The commitment is part of the city's larger 80×50 Climate Action Plan unveiled by Hancock Tuesday, which seeks to reduce Denver's greenhouse gas emissions 80 percent from 2005 levels by the year 2050.

Keep reading... Show less
Animals
Emilie Chen / Flickr / CC BY-ND 2.0

Against All Odds, Mountain Gorilla Numbers Are on the Rise

By Jason Bittel

The news coming out of East Africa's Virunga Mountains these days would have made the late (and legendary) conservationist Dian Fossey very happy. According to the most recent census, the mountain gorillas introduced to the world in Gorillas in the Mist, Fossey's book and the film about her work, have grown their ranks from 480 animals in 2010 to 604 as of June 2016. Add another couple hundred apes living in scattered habitats to the south, and their population as a whole totals more than 1,000. Believe it or not, this makes the mountain gorilla subspecies the only great apes known to be increasing in number.

Keep reading... Show less
Politics
The Power Shift 2011 rally targeted primarily the U.S. Chamber of Commerce for using its money and influence to stop climate and clean energy legislation. Linh Do, CC BY 2.0

Fossil Fuel Industry Outspent Environmentalists and Renewables by 10:1 on Climate Lobbying, New Study Finds

By Itai Vardi

Industry sectors based on fossil fuels significantly outspent environmental groups and renewable energy companies on climate change lobbying, new research has found.

In a study published Wednesday in the journal Climatic Change, Drexel University sociologist Robert Brulle shows that between 2000 and 2016, lobbyists spent more than $2 billion trying to influence climate legislation in the U.S. Congress.

Keep reading... Show less
Health
Pexels

Is Your Popcorn Laced With Hormone-Disrupting Chemicals?

By Kathryn Alcantar and Jose Bravo / Independent Media Institute

No one should be exposed to toxic chemicals in their food, particularly children. But that's exactly what the Center for Environmental Health (CEH) found in tests of microwave popcorn bags sold in Dollar Stores. These stores are frequented by communities of color and millions of poor Americans.

Keep reading... Show less
Sponsored
Climate
The Washington Post / Contributor / Getty Images

Climate Change May Stimulate the Chesapeake’s Blue Crab Population

By Amy Mcdermott

Jason McElwain isn't afraid of a pinch. He reached calmly into a basket of live crabs one Friday this June, and kept his cool even when a claw clamped down hard on his finger. "You get used to it after a while," he said, then yanked the crab off and tossed it into a plastic bin.

Keep reading... Show less
Food
Pexels

A Brief History of the Feral Blackberry

By Sara Bir

Blackberries are perhaps the best known of all foraged wild fruits. Whether they grow modestly on the perimeters of a ramshackle farm or thrive ruthlessly along the banks of a forgotten creek, there are hundreds of hidden wild blackberry havens waiting for opportunistic berry fanatics.

Keep reading... Show less
Sponsored
Climate
Joshua Tree National Park now has more unsafe ozone days than New York City. atramos / CC BY 2.0

Air Pollution in National Parks as Bad as 20 Largest U.S. Cities

A new study shows the importance of clean air regulations to prevent air pollution from reaching national parks.

A study published in Science Advances Wednesday found that, between 1990 and 2014, the ozone concentrations in 33 of the largest and most visited national parks were statistically indistinguishable from the ozone concentrations in the 20 largest U.S. cities.

Keep reading... Show less
Energy
Halliburton getting ready to frack in the Bakken formation, which underlies North Dakota, Montana, Saskatchewan and Manitoba. Joshua Doubek / CC BY-SA 3.0

Zinke’s Real Estate Deal With Halliburton Chair to Be Investigated

Ousted U.S. Environmental Protection Agency (EPA) head Scott Pruitt isn't the only polluter-friendly Trump appointee with sketchy ethics.

Keep reading... Show less
Sponsored

mail-copy

The best of EcoWatch, right in your inbox. Sign up for our email newsletter!