“Monsanto” is a bad word in environmentalist circles. However, the company name so connected with concerns over glyphosate, the main ingredient in Monsanto’s product Roundup, will vanish following the company’s acquisition by Bayer — a deal described as “a marriage made in hell.”
Bayer will retire the 117-year-old brand name Monsanto, The Guardian reported. Bayer said in a statement, “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.”
Activists say the deal will create the most powerful agribusiness in the world. In 2016, Bayer announced plans to acquire Monsanto, and said in their statement they signed an agreement for $128 per share later that year — which corresponds to a total cost of around $63 billion this year, considering Monsanto’s debt.
Bayer chief executive Werner Baumann said, “We aim to deepen our dialogue with society. We will listen to our critics and work together where we find common ground. Agriculture is too important to allow ideological differences to bring process 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.”
Campaigners have protested the takeover — Friends of the Earth said it would “increase control over farmers and cut out competitors, and allow it to become the dominant ‘Facebook of farming.'” Friends of the Earth Europe food and farming campaigner Adrian Bebb said Bayer “will become Monsanto in all but name unless it takes drastic measures to distance itself from the US chemical giant’s controversial past. If it continues to peddle dangerous pesticides and unwanted GMOs then it will quickly find itself dealing with the same global resistance that Monsanto did.”
Via The Guardian
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