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Biotech / Medical : Monsanto Co. -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (1613)	3/14/1999 2:17:00 PM
From: Dan Spillane	Respond to of 2539

Here's the full story: Secret deal will ban GM crops until 2002 This is the story Bloomberg is taking from. Note, it has some really suspicious-sounding statements in it. As usual, it contains at least one slam at Monsanto, which is required in the UK. (Interesting line from the story) The industry body representing biotechnology companies and plant breeders believes that "any delay on the commercial production of GM crops in the UK would be unscientific and unjustified". A possible shortage of GM seed may be one of the reasons the agro-chemical companies will agree to the extended moratorium. Is this source credible? Can't say. On that basis, I'm surprised Bloomberg would pick it up. *** UK Independent 03/14/99 Secret deal will ban GM crops until 2002 By Marie Woolf, Political Correspondent Genetically modified crops are to be banned for three years under a landmark deal being secretly negotiated between the Government and biotechnology companies. After weeks of confidential talks, ministers are poised to announce a breakthrough. Seed companies will agree to a voluntary freeze on growing GM crops in Britain until at least the year 2002. The deal, expected to be announced within the next three weeks, will mark a victory for campaigners, including the Independent on Sunday, who have called on the Government to delay planting GM crops in Britain until there have been more tests on their environmental effects. The new freeze will allow scientists to examine the effect of growing GM crops on other plants, birds and animals. Government sources say that Prime Minister Tony Blair, who believes in the benefits of GM crops and has backed them publicly, is in favour of a freeze if it is agreed voluntarily by the agro-chemical companies. "This is a matter for the industry," said an aide to the Prime Minister. Agriculture and environment ministers have also backed the negotiations between senior civil servants and companies such as Novartis, Zeneca and Monsanto. Ministers have been kept closely informed of progress in the talks, which began six weeks ago. The Government, worried by the backlash against GM food demonstrated in an NOP opinion poll in the Independent on Sunday showing widespread consumer concern, is keen to be seen to be taking action on the issue but believes that the biotechnology industry must take the decision itself. It has ruled out banning the commercial planting of GM crops for fear of provoking a further trade row with the US, which has considerable commercial interests in the new technology. Last year, ministers negotiated a one-year moratorium on planting GM crops commercially in the UK, but this will run out in 2000. Government sources close to the negotiations said that biotechnology companies such as Novartis, which has backed consumer calls for clearer labelling of GM food sold in UK shops, have been "helpful". But Monsanto, the American agro-chemical giant most closely associated with genetic engineering, is said by government sources to be "dragging its feet". The industry body representing biotechnology companies and plant breeders believes that "any delay on the commercial production of GM crops in the UK would be unscientific and unjustified". A possible shortage of GM seed may be one of the reasons the agro-chemical companies will agree to the extended moratorium. English Nature, the Government's official adviser on wildlife, has called for a freeze on commercially growing GM Crops for three years until more data is available.

To: Anthony Wong who wrote (1613)	3/14/1999 3:34:00 PM
From: Dan Spillane	Respond to of 2539

The US/Europe trade war could heat up, if this UK news is credible. I'm zeroing in on the date of what is supposedly being proposed. If GM crops were really that terrible, why pick only a few years...why not 5 years or much longer? Read on... The "2002" provision of this "breakthrough" gives it away. Notice, the two European companies are happy with this timeframe, according to the article; however, Monsanto is described as "dragging its feet"...hmmmmm Isn't it "convenient", that the amount of delay corresponds very closely with the amount of time the European companies are behind the US? In fact, it also "happens" to be exactly the timeframe needed by one of the European companies, which plans on introducing a competing product in just that timeframe! This won't sit well with the US...it stinks of protectionism, which is incidentally the very reason the recent trade war exists. The trade war could heat up. (previous posting) Secret deal will ban GM crops until 2002 Message 8310686

To: Anthony Wong who wrote (1613)	3/15/1999 1:28:00 AM
From: Dan Spillane	Read Replies (4) \| Respond to of 2539

I find it hard to believe Monsanto is only worth 30 billion, considering Pioneer went for 7.6 billion. DuPont to Pay Buy Out Pioneer Hi-Bred for $40-Share to Boost Seed Business DuPont to Buy Rest of Pioneer Hi-Bred for $40-Share (Update1) (Adds details, analyst comment beginning in 5th paragraph.) Wilmington, Delaware, March 14 (Bloomberg) -- DuPont Co. agreed to buy the 80 percent of Pioneer Hi-Bred International Inc. that it doesn't already own for about $40 a share in cash and stock to boost its agricultural business, people familiar with the agreement said. The transaction is valued at about $7.6 billion based on the 190.5 million shares outstanding that DuPont doesn't now hold. DuPont, the biggest U.S. chemical company, bought a 20 percent stake in Pioneer Hi-Bred, the world's largest seed-corn company, for $1.7 billion in 1997. An announcement is expected as early as Monday.