Bayer announced that it was in exclusive talks with BASF on the sale of its entire vegetable seeds business. Through this and related moves, the company intends to address all concerns of the European Commission on the acquisition of Monsanto.
Leverkusen/Germany — On October 13, 2017, Bayer had already agreed to sell selected Crop Science businesses to BASF for € 5.9 billion (approx. $ 7.3 billion). This first package covers the company’s global glufosinate-ammonium business and the related Liberty Link technology for herbicide tolerance, essentially all of the company’s field crop seed businesses, and the respective research and development capabilities. The seed businesses being divested include the global cotton seed business (excluding India and South Africa), the oilseed rape/canola business in North America and Europe, and the soybean seed business.
Any sales and licenses would be subject to a successful closing of the proposed acquisition of Monsanto, which remains subject to customary closing conditions, including receipt of required regulatory approvals. The European Commission recently extended the examination deadline for the acquisition until April 5. Bayer is working closely with the authorities worldwide in order to successfully close the transaction in the second quarter of 2018.