EU Commission Clears BASF to Buy Parts of Bayer Crop-Science Assets
April 30 2018 - 7:15AM
Dow Jones News
By Marc Bisbal Arias
The European Commission said Monday that it has approved the
acquisition of parts of Bayer AG's (BAYN.XE) crop-science business
by BASF SE (BAS.XE).
On April 26, Bayer had said that it had signed an agreement to
sell further crop-science businesses to BASF for up to 1.7 billion
euros ($2.07 billion) as part of its planned acquisition of
Monsanto Co. (MON).
Although the European Commission said that it "did not identify
competition concerns with most parts of the transaction," it had
concerns that the deal would have reduced innovation competition to
develop some non-selective herbicides and potential competition to
produce nematicidal seed treatments.
BASF has committed to divest one of the overlapping lines of
research for the development of non-selective herbicides and a
Trunemco--a pipeline nematicidal seed treatment product--to address
the concerns, the European Commission said.
The approval is subject to compliance with the commitments,
which fully address the overlaps between Bayer's divestment unit
and BASF where competition concerns were identified, the European
Commission added.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
April 30, 2018 07:00 ET (11:00 GMT)
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