Ag Headlines, Wednesday December 14, 2016

Monsanto Shareowners Approve Merger with Bayer

Monsanto shareholders have approved a proposed merger with Bayer AG. Under the terms of the merger agreement, Monsanto shareowners will receive $128 per share in cash at the closing of the merger. Monsanto CEO Hugh Grant Tuesday called the approval an “important milestone” for both companies. Bayer AG leadership says the merger will “help address the growing challenges facing farmers.” 99 percent of the votes by Monsanto shareholders were in favor of the merger, according to a Monsanto news release. The merger is subject to regulatory approval and is expected to be completed by the end of 2017. Bayer and Monsanto announced the merger agreement in September. Under the terms, Bayer AG agreed to purchase Monsanto for $66 billion.

Chipotle Executive to Step Down Following Slow Growth

A top-level executive for Chipotle will step down early next year following a struggle to regain the restaurant chain’s footing after several food safety failures. The New York Times reports Montgomery Moran(More-ran), a co-chief executive for Chipotle, will step down from his role while the company will also be making changes to its board of directors. Chipotle founder and co-chief executive Steve Ells says the restaurant chain decided “one CEO will serve the company better.” Chipotle Shares have fallen more than 30 percent in the last year amid food safety issues, including a norovirus outbreak and two E. coli outbreaks. Sales in stores open at least a year, a key measure of a restaurant chain’s health, have not recovered as fast as the company had expected.

Source;  NAFB News