German chemical company Bayer is a step closer to acquiring US seed and biotechnology firm Monsanto after Monsanto shareholders approved the US$66bn takeover bid.
Under the terms of the merger agreement, Monsanto shareholders will receive US$128 per share at the closing of the merger.
The deal still needs US regulatory approval to go ahead, which is expected in late 2017.
“We are pleased we received such strong support from our shareowners,” said Hugh Grant, Monsanto chairman and chief executive, in a company statement released 13 December. “This is an important milestone as we work to combine our two complementary companies and deliver on our shared vision for the future of agriculture.
“By bringing together our expertise and our resources to drive this shared vision, we can do even more together to benefit growers around the world and to help address broad global challenges like climate change and food scarcity.”
The proposed merger would see further consolidation of the agribusiness industry, and create a company overseeing more than a quarter of the global market for seeds and pesticides, according to Reuters.