Daily Management Review

The EU approves the Bayer-Monsanto deal worth $66 bln


03/21/2018


German chemical concern Bayer AG overcame an important obstacle to the purchase of the American producer of seeds and agricultural chemical products Monsanto Co. for $ 66 billion. The European Union approved the deal after Bayer agreed to fulfill the necessary conditions for this, reports Bloomberg.



Friends of Europe via flickr
Friends of Europe via flickr
Bayer agreed to support BASF SE, selling the business in the seeds, pesticides and digital agriculture markets.

Bayer and BASF "must provide additional evidence" of BASF's capabilities and incentives to turn the business into an important competitor so that BASF is authorized to purchase a package worth more than € 6 billion, the EU said. The European Union did not specify a buyer for the Bayer division for the production of vegetable seeds. Earlier, Bayer announced negotiations for the sale of this BASF business.

"We were convinced that the number of global players actively competing in these markets remains unchanged, which is important because we need competition so that farmers have a choice of different varieties of seeds and pesticides at affordable prices," said European Commissioner for Competition Margrethe Vestager.

Bayer and Monsanto are yet to receive permission from US regulators. The latter insist that companies sell more assets to reduce fears about less competition, a source from Bloomberg said earlier.

Bayer still seeks to complete the deal by the end of the second quarter. The company said that it closely cooperates with the US Department of Justice.

source: bloomberg.com






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