Bayer is wanting to buying Monsanto and form the largest pesticide and seed company in the world.
If you have heard of Monstanto you may also know that they have monopolised the genetically modified seed production market, and has recently had some pretty disturbing press. In an on-line letter to European Competition Commissioner Margrethe Vestagerhad more than 1 million people have signed a petition opposing the deal of Bayer acquiring Monsanto, Reuters which is now investigating this merge, worrying that the merge will stifle innovation and competition and push up prices, and make this new company the largest and therefore the most dominant influence of seed production in the world.
A merged Bayer and Monsanto would control more than a quarter of the global market for seeds and pesticides “and lock farmers ever tighter into a supply chain for products that threaten biodiversity and food security by creating dangerous, genetically modified and pesticide-addicted monocultures,” Nick Flynn, attorney for Avaaz, said in the letter. Avaaz is a U.S.-based group that advocates on issues such as climate change, poverty and corruption, often through online and email campaigns.
Bayer said in a statement provided to Reuters that the combination of Monsanto and Bayer “will enable us to offer farmers more and better solutions through complementary technologies, products and geographic expertise.” However, it is believed that they are locking in their profit and cornering the market by getting bigger.
Bayer filed a request with the European Union for approval of its acquisition of St. Louis-based Monsanto earlier this month. Bayer and Monsanto said when they announced the merger in September that they expect to close the deal at the end of this year. This is not good news for the global food market.