The integration of Monsanto into Bayer is expected to begin in approximately two months, after Bayer’s divestments of $9 billion in ag businesses to BASF have been completed.

“Today is a great day: for our customers — farmers around the world whom we will be able to help secure and improve their harvests even better; for our shareholders, because this transaction has the potential to create significant value; and for consumers and broader society, because we will be even better placed to help the world’s farmers grow more healthy and affordable food in a sustainable manner,” said Werner Baumann, chairman of Bayer’s board of management. “As a leading innovation engine in agriculture, we offer employees around the world attractive jobs and development opportunities. Our sustainability targets are as important to us as our financial targets. We aim to live up to the heightened responsibility that a leadership position in agriculture entails and to deepen our dialogue with society.”

Hugh Grant, outgoing chairman and chief executive officer of Monsanto, said the closing represents “an important milestone toward the vision of creating a leading agricultural company, supporting growers in their efforts to be more productive and sustainable for the benefit of our planet and consumers.”

“I am proud of the path we have paved as Monsanto and look forward to the combined company helping move modern agriculture forward,” Grant said.

Liam Condon, member of the Bayer board of management, will lead the combined Crop Science Division when the integration begins. Until that time, Monsanto will operate independently from Bayer.