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Monsanto Company Message Board

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  • tgsxpl tgsxpl Jul 11, 2001 10:49 AM Flag

    "Monsanto Choice"

    The deal with Delta Pine went through, then was reversed by the DOJ, it appears. Not that this really has much to do with Monsanto's track record. Just goes to show I speak the truth. Also, the terminator patent was jointly applied for by Monsanto and Delta Pine, so Monsanto does have the technology.
    Basically, the deal was under review by the DOJ, when Monsanto suddenly broke off talks, and announced a merger with Pharmacia and Upjohn. What great business partners they were with Delta and Pine!

    7-Business: Delta Pine Land sues Monsanto for $1 billion

    � To: "GENET NEWS" <GENET-news@agoranet.be>
    � Subject: 7-Business: Delta Pine Land sues Monsanto for $1 billion
    � From: GENETNL <genetnl@xs4all.be>
    � Date: Tue, 25 Jan 00 21:28:18 +0100
    � Content-Transfer-Encoding: 8bit
    � Content-Type: text/plain; charset="iso-8859-1"
    � Sender: owner-genet-news@xs4all.nl

    -------------------------- GENET-news ---------------------------

    TITLE: Jilted Delta and Pine Land Co. sues Monsanto for $1
    billion in "alimony"
    SOURCE: The Agrobusiness Examiner, Issue 62, by A. V. Krebs
    DATE: January 20, 2000

    ----------------- archive: http://www.gene.ch/ ------------------


    Jilted Delta and Pine Land Co. sues Monsanto for $1 billion in
    "alimony"

    Genetic engineering's once premiere corporate marriage, which not
    only recently ended in acrimonious separation, but failed to give
    birth to their sterile progeny --- the terminator seed --- has
    now occasioned the rejected partner to announce that it is suing
    its one-time suitor for at least $1 billion in "alimony"
    payments.

    The lawsuit suit, filed by Delta and Pine Land Company in the
    Bolivar County, Mississippi circuit court contends that the
    Monsanto Corp. breached a May 8, 1998, agreement to buy the
    cotton seed company by failing to "use commercially reasonable
    efforts" to respond to requests from the U.S. Department of
    Justice's antitrust division when seeking regulatory clearance
    for the merger.

    "We regret having to file this lawsuit, but we had no other
    choice in order to protect the interests of our company and our
    shareholders," Roger Malkin, chairman and chief executive of
    Delta Pine, told the New York Times' Carolyn Koo."At the same
    time, we will continue to engage in a dialogue with Monsanto and
    hope to achieve a resolution that is acceptable to both parties."

    After announcing a $27 billion all-stock merger with
    pharmaceuticals firm Pharmacia & Upjohn just days before Monsanto
    announced on December 20 that it planned to withdraw from the
    Delta Pine merger and would pay Delta Pine a $81 million breakup
    fee.

    In responding to the suit Monsanto has noted that "for a year and
    a half, we exercised every reasonable effort and a tremendous
    amount of time, energy and money to make this merger happen,"
    according to Hendrik Verfaillie, Monsanto president. "After
    numerous attempts to reach an acceptable compromise with the
    Department of Justice, we concluded that the department's demands
    made no sense from a business point of view, and that to accept
    them would place both Monsanto and Delta and Pine Land at an
    unfair competitive disadvantage in the marketplace."

    The suit, which will not affect existing contractual
    relationships between Monsanto and Delta Pine, came after two
    Delta Pine shareholders sued the company's board of directors for
    not seeking damages from Monsanto in the aftermath of the
    canceled merger.

    cont...

    http://www.gene.ch/genet/2000/Jan/msg00073.html

 
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