Shareholders of Monsanto Company (NYSE: MON) have given the green light to a US$66 billion takeover from a German multinational Bayer AG.

If regulatory approvals go ahead, the merger would combine two of the world's largest companies involved in crop protection, crop science and seeds. 

Around 99% of all votes cast were in favor of a merger with a wholly owned subsidiary of Bayer Aktiengesellschaft, through a transaction that would see Monsanto shareholders receiving US$128 per share in cash once the merger is closed. 

“We are pleased we received such strong support from our shareowners,” said Monsanto CEO Hugh Grant.

"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."

Bayer AG CEO Werner Baumann said the acquisition was driven by our strong belief that this combination could help address the growing challenges facing farmers and the agricultural industry.

"Together, Bayer and Monsanto will be able to offer the new, innovative solutions that our customers need. We look forward to completing the transaction and working closely with Monsanto to ensure a successful integration," Baumann said.

The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. Bayer, with the support of Monsanto, has now submitted a number of filings, including the U.S. Hart-Scott-Rodino Act filing.

Closing is expected by the end of 2017.

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