Monsanto shareholders approved the company’s sale to Bayer at a meeting in St. Louis on Tuesday.
Based on preliminary counts, the company says approximately 99 percent of the votes cast were in favour of the $66 billion deal, which will see Monsanto shareholders receive $128 per share when the merger is finalized.
“We are pleased we received such strong support from our shareowners,” said Hugh Grant, Monsanto chairman and CEO, in a statement. “This is an important milestone as we work to combine our two complementary companies and deliver on our shared vision for the future of agriculture. By bringing together our expertise and our resources to drive this shared vision, we can do even more together to benefit growers around the world and to help address broad global challenges like climate change and food scarcity.”
The deal is still subject to regulatory approvals, with the companies saying they expect it to close by the end of 2017.