Renewable Farming

German lawmakers ask regulators to curb Bayer-Monsanto deal

German parliament members “pilloried” Bayer’s buyout of Monsanto this week, report Bloomberg writers Patrick Donahue and Naomi Kresge. 

The debate Wednesday “laid bare the depth of resistance to Bayer buying a U.S. company that many Germans view as a champion of genetically-modified crops and a weedkiller they believe might cause cancer.”

The writers quote one legislator, Katharina Droege, saying that “More than 70% of Germans say they don’t want genetically-modified food on their plates, but that’s exactly part of the strategy of this merger.”

Ironically, Germany’s parliament has no veto power over the purchase.

Another Bloomberg article indicates that the combined company “is considering dropping the Monsanto name to avoid sullying its reputation, according to people familiar with internal discussions at Bayer who asked not to be named because the talks are private.” That report is at this link.

The stock price of Bayer, a German firm with a long history, earlier opted to discontinue German research into GMO crops. Its stock price as of Sept. 22 had dropped 30% since its prospective buyout was first announced.

A French news site reported that a letter signed by more than 100 French chefs call Bayer’s acquisition of Monsanto a “danger to our food.”

Published Sept. 22, 2016

 

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