Behind Bayer-Monsanto, an Odd Couple Out to Rule the World
- Bayer’s deal for Monsanto makes it No.1 in crop seeds
- ‘The path ahead is rocky, but I think they’ll be successful’
Bayer, Monsanto CEOs on Getting Deal Done
After just 10 days on the job, Bayer CEO Werner Baumann made a bid for Monsanto Co., an audacious move that would transform his 153-year-old company overnight. It’s a lot easier to bet the farm when you’ve got a trusted -- and powerful -- friend at your back.
Baumann’s close relationship with Bayer chairman Werner Wenning, forged over decades, was critical in pulling off the $66 billion deal, according to people with knowledge of the situation. Wenning was strongly supportive and had explored a Monsanto acquisition as Bayer CEO a decade ago, the people said, asking not to be identified discussing private deliberations. The pair worked closely throughout the talks, keeping each other updated over meals and jointly negotiating an August breakthrough that led to Wednesday’s takeover announcement.