German Lawmakers Oppose Bayer-Monsanto Merger
September 23, 2016
NASHVILLE, Tenn (RFD-TV) Bayer AG, a German-based pharmaceutical company recently proposed a $66 billion takeover of U.S. seed company, Monsanto Co. – an idea that was not well received by the German people.
From one perspective, Monsanto was an advocate of genetically modified crops and a weed killer that could cause cancer, and had no place in the German market. Others thought that the deal held great potential for digital technology advancement and innovation.
The Lower House of the German Parliament held a debate this Wednesday, where eight of the twelve lawmakers cast doubt on the acquisition. While they have no legislative authority to stop the deal, several did call on regulators to block the takeover.
Legislator Katharina Droege said that “More than 70 percent of Germans say they don’t want genetically-modified food on their plates, but that’s exactly part of the strategy of this merger.” If the merger carries through, Bayer will hold 35% of the global market for seeds and farm chemicals.