Monsanto agrees to Bayer deal

Shareholders of US seeds and agrochemicals company Monsanto Co approved the company's $66 billion acquisition by Bayer AG on Tuesday, a deal that still requires regulatory approval to close as expected in late 2017.

Increased research and development spending by the combined companies and plans to develop a global seeds and biotechnology hub in St. Louis fuel hopes regulators will not block the deal, which was agreed upon in September, Monsanto CEO Hugh Grant said.

"I think those augur well for the deal," he said.