The German multinational chemical and pharmaceutical company Bayer has bought the American multinational agrochemical company Monsanto, for £42 billion.
For farmers and growers struggling to cover their production costs, the scale of the deal and the sums involved seem otherworldly. But the deal will create an unprecedentedly powerful crop science company, with huge control over what farmers can grow, and how much they can earn.
Monsanto was one of the earliest genetic modification companies and remains a leading producer of GM seed and Roundup, a widely used glyphosate-based herbicide. In the past it has produced the insecticide DDT, PCBs, Agent Orange, and recombinant bovine growth hormone, leading Modern Farmer to label it 'the face of corporate evil'. Bayer wasn't deterred. Its CEO announced that the new, merged company would be a global leader in agriculture, with an R&D budget of more than £2 billion.
Grist, the US online environmental magazine warned of a danger of 'monopoly and monoculture' and commented that with farm prices still volatile, the Big Five may soon become the Big Three.
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