Bayer in Exclusive Talks With BASF on Sale of Vegetable-Seeds Business
March 07 2018 - 7:23AM
Dow Jones News
By Anthony Shevlin
Bayer AG (BAYN.XE) said Wednesday that it is in exclusive talks
with BASF SE (BAS.XE) about the sale of its entire vegetable-seeds
business, a move it expects to help it win approval for its
acquisition of Monsanto Co. (MON).
"Through this and related moves, Bayer is confident of fully
addressing all concerns of the European Commission," the company
said.
The European antitrust regulator, which has raised concerns that
the Monsanto acquisition could pressure farmers, is expected to
make its decision on the Monsanto deal by April 5, though it could
issue a ruling earlier.
Bayer had already agreed to sell selected crop-science
businesses to BASF for 5.9 billion euros ($7.30 billion) last
October. This first deal covers Bayer's global glufosinate-ammonium
business and the related LibertyLink technology for herbicide
tolerance, essentially all of the company's field-crop seed
businesses, and the respective research and development
capabilities, it said.
Bayer didn't provide financial details on the potential deal
with BASF. It said any sales and licenses would be subject to a
successful closing of the proposed Monsanto acquisition, which
remains subject to customary closing conditions, including receipt
of required regulatory approvals.
Bayer is working with the authorities worldwide to close the
transaction in the second quarter.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
March 07, 2018 07:08 ET (12:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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