Monsanto, American Home Products Merge

Monsanto Co. and American Home Products Corp.(AHP) announced plans Monday to merge the two life-sciences companies, creating a $96 billion company with 1998 expected sales of $23 billion. The combined company will have a new name and a global presence in the pharmaceuticals, agriculture, animal health, and consumer health care and nutrition markets. Monsanto Chairman and CEO Robert B. Shapiro and AHP Chairman, President, and CEO John R. Stafford will be co-chairmen and co-CEOs of the new organization, whose corporate headquarters will be located in Madison, N.J.