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Key Developments: Monsanto Co (MON.N)

MON.N on New York Stock Exchange

27 May 2016
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Latest Key Developments (Source: Significant Developments)

Monsanto Co - India cuts Monsanto cotton seed royalties despite threat to quit - Reuters News
Wednesday, 9 Mar 2016 12:18am EST 

Monsanto Co:India cut the royalties paid by local firms for Monsanto's genetically modified cotton seeds by nearly 70% on Wednesday, ignoring a threat by the world's biggest seed company to leave if it did - RTRS.The move follows complaints from local seeds companies that Mahyco Monsanto Biotech (India)(MMB), a Monsanto joint venture with India's Mahyco, was charging high royalties.This prompted India's farm ministry to form a panel to look into the matter, whose recommendation the government has now accepted.MMB has filed a case in a Delhi court, challenging the authority of the panel to determine the trade fee agreed upon by MMB and a number of Indian seed companies.As well as cutting the royalties, the government also capped GM cotton seed prices at 800 rupees for a packet of 400 grams after appeals by some state governments and farmers to lower the rate of the Bt variety that commands 90 percent of the market.Bt cotton seeds are being sold at between 830 and 1,100 rupees per packet in different parts of the country.The government's move came after Monsanto threatened on Friday to pull out of the country and hold off new technology if the government forced a big cut in its payments from Indian seed companies.Separately, the Competition Commission of India, the antitrust regulator, last month said there were indications that MMB had abused its dominant position in the country and asked its director general to complete an investigation within two months.  Full Article

Monsanto Co - EU defers decision on safety of weedkiller ingredient - Reuters News
Tuesday, 8 Mar 2016 10:14am EST 

Monsanto Co:The European Union on Tuesday put off a decision on whether to extend approval for weedkiller ingredient glyphosate, used in herbicides including Monsanto's Roundup, after a dispute between EU & U.N. agencies over whether it causes cancer.Experts from all 28 member states attended a closed-door meeting on Monday and Tuesday in Brussels, which had been expected to endorse a European Commission proposal to extend authorisation of glyphosate for 15 years until 2031, EU diplomats said.Commission sources said the meeting stopped short of a vote and the discussion would continue at another session of the committee on May 18-19, or possibly before.Already on Monday, it had become clear a decision was very unlikely after France said last week it was opposed to approval of glyphosate and diplomats said the EU's biggest power, Germany, planned to abstain from any vote.The Commission has said it needs a decision over the coming weeks to prevent a legal vacuum when an existing approval expires at the end of June.Before the meeting, European Food Safety Authority, which advises EU policymakers, issued an opinion that glyphosate was unlikely to cause cancer.But the World Health Organization's International Agency for Research on Cancer has classified glyphosate as "probably carcinogenic to humans".A statement on the website of Monsanto, which calls Roundup the flagship of its agro-chemicals business, said it strongly disagrees with the IARC's classification.  Full Article

Monsanto Co - India antitrust body suspects Monsanto abused dominant position - Reuters
Tuesday, 16 Feb 2016 11:26pm EST 

Monsanto Co:India's antitrust regulator said on Wednesday it suspected that a Monsanto MON.N joint venture had abused its dominant position as a supplier of genetically modified (GM) cotton seeds in the country.Local farmers and some of their associations, including one affiliated to Prime Minister Narendra Modi's ruling party, have complained that Monsanto overprices its products using its position as the supplier of GM seeds used in more than 90% of the country's cotton cultivation.U.S.-based Monsanto launched a GM cotton variety in India in 2002 despite opposition from critics who questioned its safety, transforming the country into the world's top producer and second-largest exporter of the fibre.Mahyco Monsanto Biotech (India) (MMB), a joint venture with India's Mahyco, licenses a gene that produces its own pesticide to a number of local seed companies in lieu of royalties and an upfront payment.MMB also markets the seeds directly, though the local licensees together command 90 percent of the market.Acting on a complaint by India's farm ministry that the JV was charging "unreasonably high" royalty fees, the Competition Commission of India (CCI) asked its director general (DG) to complete an investigation into the matter in two months.  Full Article

Monsanto Co to pay $80 mln in U.S. SEC settlement over Roundup earnings - Reuters
Tuesday, 9 Feb 2016 12:45am EST 

Monsanto Co:Monsanto Co will pay $80 million to settle civil accounting violations after it allegedly misstated its earnings in connection with its top-selling Roundup product, U.S. securities regulators said on Tuesday - RTRS.The Securities and Exchange Commission also said that three accounting and sales executives have also agreed to settle charges in connection with the case. - RTRS.  Full Article

Monsanto Co board approves dividend of 54 cents per share
Friday, 29 Jan 2016 04:30pm EST 

Monsanto Co:Board approves dividend of 54 cents per share.Dividend is payable on April 29.Record date on April 8.  Full Article

Monsanto Co - EU food safety watchdog hits back at scientists in glyphosate row - Reuters
Wednesday, 13 Jan 2016 01:27am EST 

Monsanto Co:The head of Europe's food safety watchdog has written to a group of nearly 100 senior scientists strongly rejecting their criticisms in a row about the safety of weed-killer ingredient glyphosate. - RTRS.The European Food Safety Authority (EFSA), which advises European Union policymakers, issued an opinion in November that glyphosate is unlikely to cause cancer - RTRS.That was at odds with a view from the World Health Organization's International Agency for Research on Cancer (IARC), sparked outrage among environmental campaigners and divided the scientific community. - RTRS.The IARC said in March that glyphosate is "probably carcinogenic to humans" while environmental groups have been calling for a ban on glyphosate - RTRS.Ninety-six academics from around the world signed an open letter to European Health Commissioner Vytenis Andriukaitis, dated Nov. 27, urging EU authorities to ignore the European watchdogs's opinion. - RTRS.It was written by Christopher Portier from the U.S.-based non-governmental organisation the Environmental Defense Fund. Portier was also a specialist consulted during the IARC's research on glyphosate. - RTRS.EFSA's opinion could lead the 28-member European Union to renew approval for glyphosate, which was brought into use by Monsanto MON.N in the 1970s and is used in its top-selling product Roundup and many other herbicides around the world - RTRS.  Full Article

Monsanto Co expands cost-cutting plan to eliminate 1,000 jobs - AP
Wednesday, 6 Jan 2016 10:01am EST 

Monsanto Co:Monsanto says it will eliminate another 1,000 jobs as it expands a cost-cutting plan designed to deal with falling sales of biotech-corn seeds and other financial pressures - AP.The additional layoffs will bring the company's planned total cuts to 3,600 jobs, or about 16 percent of its workforce. In October the company first announced the restructuring plan, intended to streamline its sales, R&D and other operations - AP.The company says the additional cuts will help generate approximately $1.1 billion to $1.2 billion in total savings, up from previous estimates of $850 million to $900 million. - AP.Monsanto on Wednesday announced it swung to a loss in the first fiscal quarter, amid foreign currency pressures and falling sales of its biotech-enhanced corn seeds. Results, adjusted for one-time gains and losses, beat Wall Street estimates. - AP.  Full Article

Monsanto Co - Scientists assembled for Monsanto say herbicide not carcinogenic, disputing WHO report - Reuters
Monday, 7 Dec 2015 06:42pm EST 

Monsanto Co:A panel of scientists is disputing a World Health Organization report published earlier this year that concluded glyphosate, the world's most widely used weed killer and main ingredient in Monsanto Co's Roundup herbicide, is probably carcinogenic to humans - RTRS.The 16-member panel, assembled by Intertek Scientific & Regulatory Consultancy, will present its findings to the annual meeting of the Society for Risk Analysis on Monday, aiming to publish the study at a later date after peer review - RTRS.Monsanto paid Intertek for the panel's work - RTRS.The group said that the WHO's International Agency for Research on Cancer (IARC) misinterpreted or incorrectly weighted some of the data it reviewed and ignored other data before classifying glyphosate as a probable human carcinogen, according to an abstract of its findings - RTRS."Thus, none of the results from a very large database, using different methodologies, provides evidence of, or a potential mechanism for, human carcinogenesis," the abstract said. - RTRS.The panel's assessment is similar to that of the European Food Safety Authority (EFSA), which last month said glyphosate was not likely carcinogenic - RTRS.Ten of the 16 scientists on the Intertek panel have been consultants for Monsanto in the past and two others are former Monsanto employees, according to a roster published on Monsanto's website - RTRS.  Full Article

Monsanto Board Approves Quarterly Dividend of 54 Cents Per Share
Monday, 7 Dec 2015 02:33pm EST 

Monsanto Company:declared a quarterly dividend on its common stock of 54 cents per share.dividend relates to the company's first quarter of its 2016 fiscal year and is payable on January 29, 2016, to shareowners of record on January 8, 2016.  Full Article

Monsanto Co - Mexico's top court blocks move to plant genetically modified soya - Reuters
Thursday, 5 Nov 2015 12:31am EST 

Monsanto Co:Mexico's Supreme Court on Wednesday blocked a move to allow the planting of genetically modified soya seeds in two states, arguing that indigenous communities that had fought the move should be consulted before it was approved - RTRS.In a statement, the court said that the five justices had voted unanimously to grant an injunction against Mexico's agriculture ministry SAGARPA, which had given the permissions in the southern Mexican states of Campeche and Yucatan - RTRS.On the court docket, U.S. agriculture giant Monsanto Co appeared among the list of interested parties in the case - RTRS.In a statement, Monsanto MON.N said it respected the court's decision and would wait to see the full text of the ruling - RTRS.  Full Article

EU to propose shorter glyphosate license renewal: sources

BRUSSELS European Union states will meet next week in an effort to agree a far shorter license renewal for herbicide glyphosate before the current one expires, which would require the phasing out of products such as Monsanto's Roundup.