Monsanto (NYSE:MON) Acquires 19.9 Percent of Intergrain

Biotech company Monsanto (NYSE:MON) has acquired a 19.9 percent stake in Intergrain, a company which breeds grains in Australia.

Monsanto' Peter O'Keefe said the company will without a doubt buy up more of Intergrain in the future.

"As a commercial organization, that's certainly part of our business model," said O'Keefe.

"When you enter a space, we want to have a good solid market share," he added.

Even so, Intergrain said they plan on continuing on as an independent provider of new grain varieties to the Australian market. That will probably only last until Monsanto becomes a bigger owner.