Monsanto shareholders approve Bayer's $57 billion takeover

Monsanto shareholders have voted to approve a proposed $57 billion takeover bid by Bayer AG, in a deal that would create a chemical and agriculture giant.

The companies still expect the deal to close by the end of 2017 and are currently seeking regulatory approval.

Bayer AG, the German medicine and farm chemical maker, first offered to buy St. Louis-based Monsanto in September. Monsanto sells seeds and crop protection chemicals to farmers.

Shares of Monsanto Co. rose 55 cents to $105.14 shortly after the stock market opened Tuesday.