Bayer to Drop Monsanto Name After $63 Billion Takeover
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."
In Blow to Monsanto, India's Top Court Upholds Decision That Seeds Cannot Be Patented https://t.co/a9DtufgBrC… https://t.co/yAN8g9Xrus— EcoWatch (@EcoWatch)1525713967.0
By Harry Kretchmer
By 2030, almost a third of all the energy consumed in the European Union must come from renewable sources, according to binding targets agreed in 2018. Sweden is helping lead the way.
Sweden is a world leader in renewable energy consumption. Swedish Institute/World Bank
Naturally Warm<p>54% of Sweden's power comes from renewables, and is helped by its geography. With plenty of moving water and 63% forest cover, it's no surprise the <a href="https://sweden.se/nature/energy-use-in-sweden/#" target="_blank">two largest renewable power sources</a> are hydropower and biomass. And that biomass is helping support a local energy boom.</p><p>Heating is a key use of energy in a cold country like Sweden. In recent decades, as fuel oil taxes have increased, the country's power companies have turned to renewables, like biomass, to fuel local 'district heating' plants.</p><p>In Sweden these trace their <a href="https://www.sciencedirect.com/science/article/pii/S0360544217304140#fig3" target="_blank">origins back to 1948</a>, when a power station's excess heat was first used to heat nearby buildings: steam is <a href="https://www.sciencedirect.com/topics/engineering/district-heating-system" target="_blank">forced along a network of pipes</a> to wherever it's needed. Today, there are around 500 district heating systems across the country, from major cities to small villages, providing heat to homes and businesses.</p><p>District heating used to be fueled mainly from the <a href="https://www.sciencedirect.com/science/article/pii/S0360544217304140" target="_blank">by-products of power plants</a>, waste-to-energy plants and industrial processes. These days, however, Sweden is bringing more renewable sources into the mix. And as a result of competition, this localized form of power is now the country's<a href="https://www.sciencedirect.com/science/article/pii/S0360544217304140#fig3" target="_blank" rel="noopener noreferrer"> home-heating market leader.</a></p>
Sweden is using smart grids to turn buildings into energy producers. Huang et al/Elsevier
Energy ‘Prosumers’<p>But Sweden doesn't stop at village-level heating solutions. Its new breed of energy-generation takes hyper-local to the next level.</p><p>One example is in the city of Ludivika where 1970s flats <a href="https://www.buildup.eu/sites/default/files/content/transforming-a-residential-building-cluster-into-electricity-prosumers-in-sweden.pdf" target="_blank">have recently been retrofitted with the latest smart energy technology</a>.</p><p>48 family apartments spread across 3 buildings have been given photovoltaic solar panels, thermal energy storage and heat pump systems. A micro energy grid connects it all, and helps charge electric cars overnight.</p><p>The result is a cluster of 'prosumer' buildings, producing rather than consuming enough power for 77% of residents' needs. With <a href="http://www.diva-portal.org/smash/get/diva2:1232060/FULLTEXT01.pdf" target="_blank" rel="noopener noreferrer">high levels of smart meter usage</a>, it's a model that looks set to spread across Sweden.</p>
<div id="d7bf9" class="rm-shortcode" data-rm-shortcode-id="8757b138d5570bec9d6aad18074a429a"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1273556364263071744" data-partner="rebelmouse"><div style="margin:1em 0">Read more about Western Harbour and book a visit: https://t.co/ujSmVs9rNK 🏡🌳🌊 https://t.co/C5PuPziqIM</div> — Smart City Sweden (@Smart City Sweden)<a href="https://twitter.com/SmartCitySweden/statuses/1273556364263071744">1592474473.0</a></blockquote></div>
Scaling Up<p>A recent development by E.ON in Hyllie, a district on the outskirts of Malmö, southern Sweden, <a href="https://www.eonenergy.com/blog/2019/February/sweden-smart-city" target="_blank">has scaled up the smart grid principle</a>. Energy generation comes from local wind, solar, biomass and waste sources.</p><p>Smart grids then balance the power, react to the weather, deploying extra power when it's colder or putting excess into battery storage when it's warm. The system is not only more efficient, but bills have fallen.</p><p>Smart energy developments like those in Hyllie, Ludivika, and renewable-driven district heating, offer a radical alternative to the centralized energy systems many countries rely on today.</p><p>The EU's leaders have a challenge: how to generate 32% of energy from renewables by 2030. Sweden offers a vision of how technology and local solutions can turn a goal into a reality.</p>
- Sweden to Become One of World's First Fossil Fuel-Free Nation s ... ›
- These Countries Are Leading the Transition to Sustainable Energy ... ›
- Sweden Shuts Down Its Last Coal Plant Two Years Early - EcoWatch ›
EcoWatch Daily Newsletter
By Jessica Corbett
In another win for climate campaigners, leaders of 12 major cities around the world — collectively home to about 36 million people — committed Tuesday to divesting from fossil fuel companies and investing in a green, just recovery from the ongoing coronavirus pandemic.
- Oxford Endowment Ditches Fossil Fuels in 'Historic' Decision ... ›
- Fossil Fuel Divestment Debates on Campus Spotlight Societal Role ... ›
- London and New York Mayors Call on Other World Cities to Divest ... ›
By Jacob Wallace
This story is published as part of StudentNation's "Vision 2020: Election Stories From the Next Generation" reports from young journalists that center the concerns of diverse young voters. In this project, working with Dr. Sherri Williams, we recruited young journalists from different backgrounds to develop story ideas and reporting about their peers' concerns ahead of the most important election of our lives. We'll continue publishing two stories each week over the course of September.
In the speech she gave at the People's Climate March in Washington in 2017, Jansikwe Medina-Tayac, then 15, told a crowd of thousands, "This [climate change] is not just an environmental issue. This is a race issue, this is an immigration issue, this is a feminist issue."
- Youth Activists Urge Presidential Candidates to Address Climate ... ›
- Young Republican Climate Activists Split Over November's Election ... ›
- Activists Launch Youth 'Power Vote' Campaign to Turn Out Climate ... ›
The United States passed 200,000 deaths due to COVID-19 Tuesday and experts warn that number may double before the end of the year as an autumn surge in cases starts, according to USA Today.
- Thom Yorke of Radiohead Releases Song With Greenpeace to Help ... ›
- Patti Smith, Thom Yorke, Flea and More Featured on Just Released ... ›
- Musicians and Activists Unite at 'Pathway to Paris' - EcoWatch ›