Bayer and Monsanto executives pledged to invest at least $8 billion in the U.S. in coming years should antitrust regulators approve their proposed $66 billion merger.
Bayer CEO Werner Baumann and his Monsanto counterpart Hugh Grant issued a joint statement this week detailing a "very productive meeting" last week with President-elect Donald Trump.
They said that the companies, if combined, expect "to spend approximately $16 billion for R&D in agriculture over the next six years with at least half of this investment made in the United States," which would lead to "several thousand new high-tech, well-paying jobs."
Trump spokesman Sean Spicer said that the commitment would create 3,000 jobs and maintain another 9,000 in the U.S.
The companies also reiterated that its global seeds and traits research headquarters would remain in Monsanto's native St. Louis.
Bayer announced the merger with Monsanto in September and argued that the deal would bolster innovation in the seeds and agricultural chemicals sector — and better serve farmers around the world.
Critics, however, worried that the deal — along with a slew of other mergers in the already consolidated agrichemical sector — would curtail innovation and competition in the industry and ultimately raise prices for farmers.
The National Farmers Union called the meeting between the company executives and Trump "deeply disturbing" if it ultimately leads to approval of the merger.
"Family farmers and rural communities came out in droves to support President-elect Trump and his campaign messaging of fighting the power structure, putting a stop to corporate mega mergers, and standing up for the little guy," NFU President Roger Johnson said in a statement. "The touted benefits of these deals pale in comparison to the adverse effects family farmers and ranchers will face with continued mergers in the agriculture sector."
Trump has been quick to take credit for new job and capital commitments from a slew of companies in the wake of his election — even those that long preceded his election or had less of an impact than initially claimed — but observers noted that his administration will be charged with evaluating what would be the world's largest seller of both seeds and pesticides.
"There's nothing illegal about the president discussing an individual merger, but it's practically unheard of and not a good idea," Richard Painter, an ethics lawyer in the Bush administration, told Politico. "It can start to look like the president is playing favorites and can send all sorts of mixed signals to the business community."
Others, meanwhile, pointed out that despite the job claims, the Bayer-Monsanto merger could lead to cuts elsewhere as they combine operations and eliminate duplicative positions.
