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MONSANTO ASIAN SUBSIDIARY SELLS SOME OF ITS SEEDS ASSETS
Sep. 17, 2007
Source: Monsanto news release
Monsanto Company (NYSE: MON) and Devgen nv (Eurolist: DEVG) announced that Devgen nv and its Affiliates have signed agreements with Monsanto's Asia subsidiaries for the acquisition of Monsanto's hybrid rice, sunflower, sorghum and pearl millet businesses and certain other assets.
Under the terms of the agreements, Devgen entities will purchase the assets associated with Monsanto's rice, sunflower, sorghum and pearl millet businesses and certain other assets in India, Pakistan and the Philippines, for approximately $ 26 million in cash, subject to certain customary closing conditions. Sale or transfer of assets of certain Monsanto's Asian subsidiaries is subject to the approval of its shareholders in India.
Additional terms of the agreements are not disclosed.
Mr Sekhar Natarajan, CEO of Monsanto India, said: "With Monsanto's focus on its core crops of cotton, corn, oilseeds as well as its herbicides business we believe that rice, sunflower, sorghum and pearl millet would be better served in the hands of a party more strategically focused on these crops allowing the business to reach its full potential. We believe that Devgen has the expertise and potential to take this business forward."
Thierry Bogaert, Devgen's CEO, added: "The acquisition of these seed assets, combined with Devgen's trait technology and seed business, will transform Devgen into a top tier seed and seed technology provider in major Asian crops. We have now completed the foundation of our trait and seed strategy."
"Devgen is committed to build and commercialize the innovative seeds that Indian farmers require to increase their productivity and meet the increasing demands on Asian staple crops like rice, sorghum and pearl millet," says Stefan Frey, Devgen's COO. "This creates exciting and vast growth business opportunities for Devgen."
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