On Thursday, Bayer CropScience AG, a subsidiary of Bayer AG (BAY) announced that it has entered into an agreement to purchase Stoneville Pedigreed Seed Co., a provider of cotton seeds, from Monsanto Co. (MON) for a total purchase price of US $310 million (approximately EUR 230 million). Bayer CropScience stated that the agreement was signed on May 31, 2007. This acquisition is expected to enhance the fast-growing US cottonseed business of Bayer CropScience, currently the second largest cottonseed supplier in North America. The acquisition is subject to the approval of the US competition authorities.In acquiring the US assets of Stoneville, Bayer CropScience will gain access to additional high performing cotton products with insect-resistant and herbicide-tolerant Monsanto traits, Bayer said.The new germplasm and the geographic reach of the Stoneville business East of Texas ideally complement Bayer CropScience's cottonseed and trait business, the company noted. The acquisition will also bring in state-of-the-art breeding and seed processing facilities in the US.The business to be acquired by Bayer CropScience represents a turnover of about US $45 million (approximately EUR 36 million) as per Stoneville's fiscal year 2005/2006. The acquisition does not include Stoneville's NexGen franchise, a regional cottonseed business in Texas, and other assets related to the NexGen business.Over the last two years, Bayer CropScience has acquired the assets of US companies Associated Farmers Delinting Inc., a regional cotton seed production and processing company, and California Planting Cotton Seed Distributors, a developer, producer and distributor of high quality cotton seeds. In December 2006, Bayer CropScience also purchased the cotton assets of Reliance Genetics LLC of Harlingen, Texas.As part of our long-term strategy for innovation and growth, we intend to strengthen the position of Bayer CropScience in the seeds market, said Werner Wenning, Chairman of the Board of Management of Bayer AG.The acquisition of the Stoneville activities in the US is a significant step in further expanding our successful cotton seed business, which forms part of our core seed crops along with canola, rice and vegetables, Wenning added.BAY is currently trading at $72.01, up $1.12 or 1.58%, on the New York Stock Exchange.
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