Published on Wednesday, September 14, 2016 by Common Dreams
Chemical and GMO giants agree on takeover offer worth $66 billion; mega-merger to be reviewed by antitrust agencies worldwide
Monsanto accepted Bayer’s $66 billion takeover offer—the largest all-cash deal ever—on Wednesday morning.
While anti-trust agencies around the world review the proposed mega-merger, environmental and consumer advocates roundly condemned the creation of what will be the largest pesticide and GMO corporation in the world.
“This new mega corporation would be the world’s biggest seed maker and pesticide company, defying important antitrust protections and giving it unacceptable control over critical aspects of our food supply—undermining consumer choice and the freedom and stability of farmers worldwide,” said Anne Isakowitsch, head of international corporate watchdog SumOfUs.
“[…] these megadeals are being made to benefit the corporate boardrooms at the expense of family farmers, ranchers, consumers and rural economies.”
—Andrew Johnson, National Farmers Union
“The merger of Bayer and Monsanto should make the connection between Big Pharma, Big Biotech, and Big Food all the more apparent to consumers,” said Ronnie Cummins, director of the Organic Consumers Association (OCA), in an email to Common Dreams.