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7-Business: Monsanto announces sale of cotton seed unit



-------------------------- GENET-news ---------------------------

TITLE:  Monsanto completes sale of Stoneville to Hicks, Muse,
        Tate & Furst and Emergent Genetics, Inc.
SOURCE: Monsanto Press Release, edited by AGNET, Canada
DATE:   December 29, 1999

----------------- archive: http://www.gene.ch/ ------------------


Monsanto completes sale of Stoneville to Hicks, Muse, Tate &
Furst and Emergent Genetics, Inc.

ST. LOUIS -- Monsanto Company announced today it successfully
completed the sale of Monsanto's cotton seed unit, Stoneville
Pedigreed Seed Company, to an investment group lead by Hicks,
Muse, Tate & Furst and its affiliate Emergent Genetics, Inc. The
investment group also includes the senior management team of
Stoneville. The transaction involved the sale of all Stoneville
stock for cash. The financial terms of the deal were not
disclosed.

Monsanto and the investment group signed a definitive agreement
for the sale of Stoneville in August. As indicated in the sale
agreement, Stoneville's management team -- led by President
Thomas F. (Bud) Hughes -- will remain in place. Additionally, all
current Stoneville employees have been offered employment under
the new ownership structure.

Since its formation in 1989, Hicks, Muse, Tate & Furst has
completed or currently has pending more than 300 transactions
with a total capital value in excess of $36 billion.
Headquartered in Dallas, the firm also has offices in New York,
London, Mexico City and Buenos Aires.

Emergent Genetics is a firm whose principals have been actively
involved in the seed and biotech industries for over 20 years. It
has combined its years of experience in the agricultural industry
with the financial strength and development capabilities of
Hicks, Muse, Tate & Furst. Together, they focus on direct equity
investments in established seed and biotech companies, and then
grow them with additional capital investment.


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