Monsanto shareholders voted to approve the agribusiness company’s acquisition by Bayer AG at a special meeting Tuesday.
Creve Coeur-based Monsanto reported that approximately 99 percent of votes cast supported the sale to the German pharmaceutical company, which was originally announced in September.
The vote assures shareholders of receiving $128 per share upon completion of the merger. Including debt, the acquisition is valued at about $66 billion. The deal is expected to close by the end of 2017, pending regulatory approvals.
“We are pleased we received such strong support from our shareowners,” said Monsanto CEO Hugh Grant in a press release. “This is an important milestone as we work to combine our two complementary companies and deliver on our shared vision for the future of agriculture.
Executives from both companies have touted the merger as a way to provide farmers with an improved innovation pipeline needed to address agricultural issues ranging from climate change to food scarcity.