NFU condemns DOJ approval of Monsanto acquisition by Bayer
WASHINGTON - The U.S. Department of Justice (DOJ) today approved German drug and chemical giant Bayer’s $62.5 billion acquisition of Monsanto. The deal will consolidate control of more than a quarter of the world’s seed and pesticides market and create the largest seed and crop chemicals company in the world.
National Farmers Union (NFU) President Roger Johnson issued the following statement in response to the announcement:
“Bayer’s acquisition of Monsanto culminates the latest and most disturbing round of consolidations amongst the handful of companies that control both U.S. and global agricultural markets. Three massive companies now control the markets that supply agricultural inputs like seeds, traits and chemicals. This extreme consolidation drives up costs for farmers and it limits their choice of products in the marketplace. It also reduces the incentive for the remaining agricultural input giants to compete and innovate through research and development.
“While we appreciate the significant divestitures agreed to as part of this approval, Farmers Union condemns DOJ’s continued rubber-stamping of mergers in the food and agriculture arena. We will now focus our efforts on ensuring the promises made by Bayer and Monsanto throughout this approval process are kept. The company must continue to increase the productivity of American family farmers by delivering localized solutions in seed, trait, and crop chemical innovation.”