D&PL & Monsanto announce agreement with DOJ

01 Jun '07

1 min read

Delta and Pine Land Company, a leading commercial breeder, producer and marketer of cotton planting seed, announced that the Company and Monsanto Company have reached an agreement with the U.S. Department of Justice (DOJ) regarding the proposed acquisition of D&PL by Monsanto.

Under the terms of the agreement, which has been filed in Federal Court in Washington, DC, Monsanto will be required to divest certain assets, including its U.S. branded cotton seed business. Monsanto plans to close its acquisition and resulting divestitures as soon as possible, following the required approvals from the court and the DOJ.

Tom Jagodinski, President and Chief Executive Officer, said, “We are pleased that Monsanto has reached an agreement with the Department of Justice and we look forward to the completion of the proposed transaction, which will yield substantial benefits for our shareholders, our employees and our farmer customers.”

During the interim period between Monsanto's completion of its acquisition of D&PL and its completion of its required divestitures, D&PL will operate independently of Monsanto's other commercial operations.

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