Frankfurt am Main: German chemicals and pharmaceuticals giant Bayer announced a multi-billion-euro deal on Friday to sell parts of its agrichemical business to rival BASF, easing the path of its planned takeover of US seed maker Monsanto.
The 5.9-billion-euro ($7 billion) deal includes Bayer’s glufosinate ammonium herbicide business, “essentially all” of its crop seeds units, and related research and development activities and intellectual property, the company said in a statement.
Friday’s transaction will only go ahead if Bayer’s Monsanto merger is approved by competition authorities, and is itself subject to a competition probe.
“We are taking an active approach to address potential regulatory concerns, with the goal of facilitating a successful close of the Monsanto transaction,” chief executive Werner Baumann said. — AFP
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