After a meeting with then President-elect Trump, Bayer is promising billions of dollars in research and development spending in the U.S. which would lead to job creation.
Bayer and Monsanto have a $66 billion merger on the table, but the companies still await regulatory approval.
Incoming White House Press Secretary Sean Spicer says Bayer plans to spend $8 billion in new U.S.-based research. There’s also a commitment to keep all current Monsanto employees, which totals 9,000.
The research jobs could add 3,000 more. Sen. Chuck Grassley (R-Ia.) is worried about rising seed and chemical costs.
“You have less competition, prices go up and the consumer gets hurt,” said Grassley. “In this place, the consumer is the farmer. If you have these mergers you’re going to have less research in agriculture, and that’s bad for the productivity of agriculture.”
Grassley chairs the Senate Judiciary Committee, which is holding the confirmation hearing for the next attorney general. Grassley says he would expect the attorney general’s justice department will make sure anti-trust laws are not being ignored while investigating the merger.