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Monsanto Company and Delta and Pine Land Company have announced that they have signed a definitive agreement whereby Monsanto will acquire Delta and Pine Land Company for $1.5 billion in cash. The transaction was unanimously approved by the Boards of Directors of both companies and is subject to Delta and Pine Land shareowner approval, as well as antitrust clearance and customary closing conditions. Upon completion of the acquisition, management of both companies believe the proposed combination creates the opportunity to strengthen both the domestic and international cotton seed business by enhancing penetration of second-generation biotech trait offerings and continuing to invest in breeding to give cotton farmers who plant Delta and Pine Land’s cotton seed varieties more choices. Under terms of the agreement, Delta and Pine Land shareowners will receive $42 per share in cash. Monsanto intends to finance the acquisition with a combination of current cash on hand and a debt offering. The proposed acquisition requires review and approval by the appropriate regulatory authorities, including the U.S. Department of Justice. Because of the required regulatory approvals, no time frame for the closing of the transaction has been announced.
Equipping for Excellence is the theme of the 2007 Beltwide Cotton Conferences, to be held at the New Orleans Marriott and Sheraton New Orleans hotels, January 9-12. The National Cotton Council (NCC) is the conferences’ primary coordinator. The Beltwide Cotton Conferences’ Steering Committee met this summer to develop programming for the 2007 gathering, including the Beltwide Cotton Production Conference general session and its individual seminars and workshops. The Beltwide Technical Conferences’ chairpersons also gathered this summer to plan those meetings. BWCC Steering Committee Chairman Bill Lovelady says a NCC survey conducted following the 2006 Beltwide Cotton Conferences has provided helpful responses and suggestions for developing the 2007 BWCC programming. To further accommodate those planning to attend the Conferences, the NCC has created a “Frequently Asked Questions” page as part of the BWCC Web site at http://www.cotton.org/beltwide/faqs.cfm.
To raise funds for its newly formed political action committee, the North Carolina Cotton Producers Association sponsored a highly successful golf tournament in July that raised more than $14,000. The North Carolina Cotton PAC was established to enable and support channels through which individual members in the cotton production and ginning industry can communicate their specific views to decision makers in Washington, DC. Among the top three teams was a foursome which included past NCCPA President Rick Holder, Cotton Incorporated CEO Berrye Worsham, Doug Register and Randy Smith.
Firestorm herbicide, a three pounds per gallon formulation of paraquat dichloride from Chemtura Corporation, has been registered by the Environmental Protection Agency (EPA) as a defoliant and desiccant herbicide for control of weeds and grasses, and as a harvest aid. Firestorm delivers fast, efficient contact weed control of a comprehensive spectrum of broadleaf weeds and grasses. It is approved for use in more than 100 different crops from alfalfa, almonds, berries, dry beans and corn to cotton, potatoes, rice, soybeans, fruit and nut trees, vines and vegetable crops. Firestorm is currently available in 2.5 gallon containers and also is available in 250 gallon containers. The formulation contains three pounds of the active ingredient paraquat dichloride per gallon. That is the traditional formulation that is preferred by producers wanting less product to handle and store compared to newer two-pound formulations. Firestorm is also an effective tool for glyphosate weed resistance management because it offers a completely different mode of action. Firestorm allows producers to hold back their glyphosate applications for the in-crop uses where glyphosate has the better fit.
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