Merger Could Spell Disaster for Farmers and Global Food Supply. German drug and crop chemical giant says it’s confident it can still strike a deal.
Without glyphosate, farmers’ competitiveness would be put at risk and EU food production threatened as no alternatives exist. Failure to re-approve glyphosate would have significant negative repercussions for the competitiveness of European agriculture, the environment, and the ability of farmers to produce safe and affordable food.
Final updated: 24th June 2016
Brussels. the EU member states have not agreed on a renewal of widespread weed shredder glyphosate in Europe. In a latest vote by representatives of the EU member states for it lacked the essential majority, as EU diplomats confirmed.
Germany abstained. France and Bulgaria agreed, in accordance to a diplomat to the proposed by the European Commission last renewal up to 18 months. Besides Germany abstained therefore six other states, 19 nations voted in favor. The existing European authorization of the substance passes from the finish of June.
This is now the EU Commission on the train. It is anticipated that the authorities in Brussels extended at its scheduled for Monday following meeting the approval itself. The EU Commission had until finally not too long ago urged that the states determine. Glyphosate is extremely controversial, the agent is suspected to lead to cancer.
According to a Tuesday filing with the SEC, Bayer may be changing course with its approach to investors.
“One final point. Let me be very clear on this. A shareholder vote is not required by German law,” Bayer executives said in the filing. “The decision on the transaction lies in the exclusive responsibility of the Board of Management and the Supervisory Board. The success of our offer is also dependent on the transaction not being subject to financing or shareholder approval conditions.”
Monsanto (NYSE: MON) hasn't told Bayer to go pound salt, but if the German biotech wants more detailed information about the seed giant's financials, it's going to have to raise its takeover bid beyond the standing $122 per share offer.
Bayer sent a letter to Monsanto seeking access to information which could prompt the German company to raise its $62B offer but the biotech seed giant refuses to grant such access until Bayer raises its offer, the publication said.
Bayer AG made a new takeover approach to Monsanto Co. that was rebuffed in part because it didn’t included a higher price, according to people familiar with the matter.
Failing a majority decision, the EU executive may submit its proposal to an appeal committee of political representatives of the 28 member states within one month. If, again, there is no decision, the European commission may adopt its own proposal.
#BreakingNews @Bayer chairman holds secret meetingw investors in NYC suggests a high bid is coming for @MonsantoCo NOW
It is in German language.
Bayer has gained scope for a higher offer for the US seed company Monsanto for information of the news agency Reuters. Instead 55, the company now wants to offer 60 billion euros.
Won't bid up . $0
Won't bid up MUCH $10-$15
So Bayer will definitely raise the offer!