Scott, Mississippi
May 31, 2007
Delta and Pine Land
Company (NYSE: DLP) (“D&PL”), a leading commercial breeder,
producer and marketer of cotton planting seed, announced today
that the Company and Monsanto
Company (NYSE: MON) have reached an agreement with the U.S.
Department of Justice (“DOJ”) regarding the proposed acquisition
of D&PL by Monsanto. Under the terms of the agreement, which has
been filed today in Federal Court in Washington, DC, Monsanto
will be required to divest certain assets, including its U.S.
branded cotton seed business. Monsanto plans to close its
acquisition and resulting divestitures as soon as possible,
following the required approvals from the court and the DOJ.
Tom Jagodinski, President and
Chief Executive Officer, said, “We are pleased that Monsanto has
reached an agreement with the Department of Justice and we look
forward to the completion of the proposed transaction, which
will yield substantial benefits for our shareholders, our
employees and our farmer customers.”
During the interim period between
Monsanto’s completion of its acquisition of D&PL and its
completion of its required divestitures, D&PL will operate
independently of Monsanto’s other commercial operations.
Delta and Pine Land Company is
a commercial breeder, producer and marketer of cotton planting
seed. Headquartered in Scott, Mississippi, with multiple offices
in eight states and facilities in several foreign countries,
D&PL also breeds, produces and markets soybean planting seed.
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