WASHINGTON (Sputnik) — Shareholders of the US agricultural corporation Monsanto approved a proposed $66 million merger with a subsidiary of the German-based chemical company Bayer, Monsanto Chairman and CEO Hugh Grant said in a press release on Tuesday.
"We are pleased we received such strong support from our shareowners," Grant stated. "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."
Under the terms of the agreement, Monsanto shareholders will receive $128 per share, the release said.
Shares in Monsanto have risen since the beginning of the year, making it worth over $47 billion, while Bayer is worth about $87 billion.
The acquisition deal would create the world’s largest seed and agriculture chemical company.
