- Bayer proposed an acquisition of Monsanto, but the US Justice Department was concerned the deal could have violated anti-trust laws.
- On Monday, The Wall Street Journal reported that the Justice Department approved the acquisition after some negotiation.
- Monsanto has resumed trading, and the stock is spiking.
Shares of seed and agriculture giant Monsanto are shooting up more than 6% Monday, to an intraday high of $US126.61.
The uptick in the stock Monday comes after the Justice Department allowed German pharmaceutical company Bayer’s offer to acquire Monsanto to go ahead, according to The Wall Street Journal. The deal was in question, as the Justice Department had expressed concerns that the acquisition could violate anti-trust laws. Bayer agreed to sell off other assets as part of the deal to purchase Monsanto.
Monsanto is now up 7% on the year.
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