With deal to close this week, Bayer to retire Monsanto name

RANKFURT (Reuters) - Germany’s Bayer (BAYGn.DE) will wrap up the $63 billion takeover of Monsanto (MON.N) on Thursday and also retire the U.S. seeds maker’s 117 year-old name.

The German drugmaker had received all required approvals from regulatory authorities, it said in a statement on Monday.

“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 ($7 billion) rights issue on Sunday, a cornerstone of the financing package for the deal, shortly after clearing the last major antitrust hurdle in the United States.

The deal is the first of a trio of major U.S.-German merger deals to cross the finish line at a time of harsh criticism by U.S. President Donald Trump of Germany’s trade surplus with the United States.

Deutsche Telekom’s (DTEGn.DE) T-Mobile US (TMUS.O) plans to merge with Sprint for $26 billion, while industrial gases makers Linde (LING.DE) and Praxair (PX.N) are also seeking to combine. ContinueReading