German-based Bayer AG has committed to President-elect Donald Trump that it will invest $8 billion in American research and development as part of its deal to acquire Monsanto, Trump’s transition team said Tuesday.
Incoming White House press secretary Sean Spicer told reporters that Bayer will also protect all of Monsanto’s 9,000 American jobs while creating an additional 3,000 high-tech positions in the country. That agreement, he added, came after Trump met with CEOs from both companies last week.
In September, Bayer won shareholder approval for a $66 billion offer to buy seeds giant Monsanto, believed to be the largest all-cash company purchase ever. But the deal still faces regulatory hurdles in multiple countries, including in the United States.