Bayer to close Monsanto takeover, to retire target's name
FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo/File Photo
FRANKFURT: Germany's Bayer will wrap up the US$62.5 billion takeover of Monsanto on Thursday this week and also retire the name of the U.S. seeds maker, it said on Monday.The German drugmaker had received all required approvals from regulatory authorities, it 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," it said.Bayer launched a 6 billion euro (US$7 billion) rights issue on Sunday, a cornerstone of the financing package for the deal.(Reporting by Ludwig Burger; Editing by Maria Sheahan)
Source : http://www.channelnewsasia.com/news/business/bayer-to-close-monsanto-takeover--to-retire-target-s-name-10365368