Newspaper article St Louis Post-Dispatch (MO)

Monsanto Plans to Buy Rest of Calgene, Inc

Newspaper article St Louis Post-Dispatch (MO)

Monsanto Plans to Buy Rest of Calgene, Inc

Article excerpt

Monsanto Co. said Tuesday that it will buy the rest of Calgene Inc., a company that develops bioengineered crops, for $240 million.

That $8-a-share price apparently is enough to appease dissident Calgene stockholders, who sued earlier when Monsanto offered 75 cents less.

Calgene is based in Davis, Calif. It introduced Flavr Savr, the first genetically altered tomato, in 1994. It also has developed a versatile canola and is working on herbicide-tolerant cotton. Monsanto bought 49.9 percent of Calgene in March 1996. Last November, it boosted its interest to almost 55 percent. The latest move "will promote the closer working relationships and the greater sharing of technologies that are only possible with full ownership," said Monsanto Executive Vice President Hendrik A. Verfaillie. Calgene and its three subsidiaries, all of which are part of the deal, have 1,200 full-time and 1,000 seasonal employees, said Lloyd Kunimoto, Calgene's president. …

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