Monsanto Excludes Press, Public From Company Conference Call
Bloomberg News
November 12, 1998, 9:07 a.m. ET
Monsanto Excludes Press, Public From Company Conference Call
St. Louis, Nov. 12 (Bloomberg) -- Monsanto Co., a major
agricultural biotechnology company in the midst of a financial
reorganization, excluded the news media and the public from a
telephone conference to discuss its plans.
The St. Louis-based maker of genetically improved crops,
drugs and nutritional products allowed investment analysts and
selected investors on the call with its top executives but barred
the media and public from listening.
The exclusion means smaller investors without access to Wall
Street research aren't privy to the call's detailed discussions,
which could influence the price of company shares.
Company officials couldn't immediately be reached for
comment.
Monsanto said yesterday, after the stock market closed,
that it plans to cut as many as 1,000 jobs and raise $5 billion
to help it survive as an independent entity following the
collapse of its proposed merger with American Home Products Corp.
The conference call this morning began at 8 a.m. Eastern
time, before the stock market opened. Monsanto's shares fell 1/2
to 38 11/16 yesterday.
--Toni Clarke in the Chicago newsroom (312) 692-3725 /mfr |
