Bayer Cropscience to buy seed company |
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Thu, 31 May 2007 20:47
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NEW YORK (AP) - Crop science company Bayer CropScience AG, a subsidiary of Bayer AG, said Thursday it will buy Stoneville Pedigreed Seed Co., a U.S. provider of cotton seeds, from Monsanto Co. for $310 million.Bayer expects the acquisition to enhance the drug and chemical maker's presence in the U.S. cotton seed market.Bayer CropScience will also gain access to additional cotton products with insect-resistant and herbicide-tolerant Monsanto traits through the acquisition, which is subject to regulatory approvals.The deal does not include Stoneville's NexGen franchise, a regional cotton seed business in Texas, and its related assets.Shares of Bayer, which is based in Germany, gained $1.13, or 1.6 percent, to $72.02 in afternoon trading. Shares of St. Louis-based Monsanto slipped 5 cents to $61.62.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Bayer CropScience says it is buying Stoneville for 310 mln usd from Monsanto 