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Bayer in talks with BASF on sale of vegetable seeds business

March 12/2018

MOSCOW (MRC) -- Bayer AG said Wednesday that it is in exclusive talks with BASF SE about the sale of its entire vegetable-seeds business, a move it expects to help it win approval for its acquisition of Monsanto Co., reported MarketWatch.

"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 (USD7.30 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.

As MRC wrote before, in September 2017, German drugs and pesticides group Bayer further reduced its holding in Covestro to 31.5% from 40.9% by selling 19 million shares in the plastics business for a total of EUR1.2 billion (USD1.4 billion).

Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. As an innovation company, it sets trends in research-intensive areas. Bayer's products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen.

BASF is the largest diversified chemical company in the world and is headquartered in Ludwigshafen, Germany. BASF produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries.
Author:Margaret Volkova
Tags:BASF, Bayer, Covestro.
Category:General News
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