GHENT, Belgium and ST. LOUIS, Sept. 14 /PRNewswire-FirstCall/ -- Devgen (Eurolist: DEVG) and Monsanto Company (NYSE: MON) today announced that they have signed an agreement in which Monsanto has agreed, subject to certain customary conditions, to subscribe to 1,045,400 Devgen shares at 17.22 euro/share, totaling euro 18 million (25 million $) and representing 5.9% of the outstanding capital of Devgen NV. Closing is expected to take place no later than November 2007.
It is anticipated that Monsanto's becoming a shareholder of Devgen will complement the ongoing collaboration and technology exchange agreements of the companies.
"Devgen has served as a key collaborator with our technology organization for several years," said Robb Fraley, Ph.D., Chief Technology Officer at Monsanto. "We're excited to build upon our strong working relationship with Devgen. We believe this is an important part of supporting our collective mission of discovering and delivering new agricultural technologies to the farm."
"We welcome Monsanto as a shareholder," said Thierry Bogaert, Chief Executive Officer of Devgen. "This strengthens Devgen's ability to develop and commercialize innovative biotech traits and seeds that meet farmers' needs."
Pol Bamelis, Chairman of Devgen, added: "We are pleased to strengthen our relationship with Monsanto. I would like to take the opportunity to acknowledge the merits of my predecessor, Mr Pierre Hochuli, in forging this relationship and to thank him sincerely for his significant contribution to Devgen's progress during his 5-year tenure as chairman of Devgen."
Devgen is a top 10 public agro biotech company with agricultural
business units focused on developing
|SOURCE Monsanto Company|
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