❓ Rick Mazza questions the government's purchase of Monsanto's InterGrain shares, focusing on the price confidentiality and future research. The government defends the purchase and outlines ongoing technology access.
AnsweredQoN 915Legislative Council
QuestionView source ↗
INTERGRAIN PTY LTD — MONSANTO INVESTMENT
915. Hon RICK MAZZA to the parliamentary
secretary representing the Minister for Agriculture and Food:
I refer to the state government's
purchase of Monsanto's shares in InterGrain.
(1) Considering
it was disclosed that the total purchase price paid by Monsanto for the two
parcels of shares it acquired in InterGrain was $14.5 million, why is the price
paid by the state government for half of those shares commercial-in-confidence?
(2) Were any
other commercial entities interested in purchasing Monsanto's stake in
InterGrain? If so, who were they?
(3) What was the process used in
negotiating the purchase, particularly if there were competing interests?
(4) The minister
has stated that Monsanto's stake represented ''good value to the
state''. If so, how does it represent good value and what is the
rationale for not disclosing the details of the purchase?
(5) What steps
are being taken for research and development to ensure that InterGrain will
have the necessary technology once its access to Monsanto's molecular
marker platform is lost?
915. Hon RICK MAZZA to the parliamentary
secretary representing the Minister for Agriculture and Food:
I refer to the state government's
purchase of Monsanto's shares in InterGrain.
(1) Considering
it was disclosed that the total purchase price paid by Monsanto for the two
parcels of shares it acquired in InterGrain was $14.5 million, why is the price
paid by the state government for half of those shares commercial-in-confidence?
(2) Were any
other commercial entities interested in purchasing Monsanto's stake in
InterGrain? If so, who were they?
(3) What was the process used in
negotiating the purchase, particularly if there were competing interests?
(4) The minister
has stated that Monsanto's stake represented ''good value to the
state''. If so, how does it represent good value and what is the
rationale for not disclosing the details of the purchase?
(5) What steps
are being taken for research and development to ensure that InterGrain will
have the necessary technology once its access to Monsanto's molecular
marker platform is lost?
AnswerView source ↗
I thank the honourable member for
some notice of the question.
(1) Confidentiality
of the share price paid is required under the terms of the share sales
agreement between the parties.
(2) Under the
terms of the third shareholders agreement, the opportunity to purchase Monsanto's
shares was offered to the other shareholders, the Western Australian
Agriculture Authority and the Grains Research and Development Corporation.
(3) Negotiations were conducted
directly between the shareholders.
(4) As a founding
shareholder in InterGrain, the Western Australian government is aware of the
value and long-term prospects of the company.
(5) InterGrain
will continue to utilise Monsanto technology to complete its 2016 program.
InterGrain is exploring access to new technology, including the introduction of
genomic selection technology such as fingerprinting.
some notice of the question.
(1) Confidentiality
of the share price paid is required under the terms of the share sales
agreement between the parties.
(2) Under the
terms of the third shareholders agreement, the opportunity to purchase Monsanto's
shares was offered to the other shareholders, the Western Australian
Agriculture Authority and the Grains Research and Development Corporation.
(3) Negotiations were conducted
directly between the shareholders.
(4) As a founding
shareholder in InterGrain, the Western Australian government is aware of the
value and long-term prospects of the company.
(5) InterGrain
will continue to utilise Monsanto technology to complete its 2016 program.
InterGrain is exploring access to new technology, including the introduction of
genomic selection technology such as fingerprinting.
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