News Summary (MON, DOW, DD, BAYRY, BASFY, SYT, BP, OMNI)

Monsanto's MON Roundup, the Farm Belt's most effective weedkiller, has grown ineffective in killing farm weeds as Hardy superweeds have become resistant to it and are invading fields. This has prompted chemical companies to use greater amounts of harsh old herbicides. These companies are also developing seeds that are resistant to these harsh older pesticides. This marks a considerable opportunity for Dow Chemical DOW, DuPont DD, Bayer BAYRY, BASF BASFY and Syngenta SYT. According to CEO of BP Plc BP Tony Hayward, despite the fact that BP is going to face grim consequences of the Gulf oil spill, the company is generating significant cash flow that will give it ‘significant flexibility’ to meet the leak-related expenses. Hayward also said that obligations of shareholders, who rely on the company's dividend, will be met. By 11:13 am, BP shares had slipped 3.06% to $38.07. OMNI Energy Services Corp OMNI, which provides environmental services to the domestic oil and gas industry, has entered into a definitive agreement to be acquired by a Wellspring Capital Management affiliate. All outstanding shares of OMNI will be bought by an affiliate of the private equity firm for $2.75 per share, representing a 35% premium to yesterday’s closing price. The total deal value stands at $122 million, including assumption of debt. OMNI was up 26.42% to $2.68 at 11:13 am. Read more from Benzinga's Markets.