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EU APPROVES MODIFICATIONS TO BAYER'S SALE OF ASSETS TO BASF IN MONSANTO DEAL
Apr. 12, 2018
Dow Jones reports:
The European Commission said Wednesday it has approved two modifications to the commitments set out as part of its conditional approval of Bayer AG's (BAYN.XE) takeover bid for Monsanto Co. (MON).
Rather than divesting from Monsanto's NemaStrike brand of seed-protection chemicals, Bayer will now sell its own seed-treatment assets to BASF SE (BAS.XE), the commission said.
Bayer will also sell its digital-agriculture assets to BASF, which will then grant Bayer a license to use the products, according to the commission. Under the previous agreement, Bayer planned to maintain ownership of the assets and license them to BASF.
The commission said it is continuing to evaluate whether BASF meets all the necessary requirements to qualify as a suitable bidder for the Bayer assets.
Bayer said the two companies are working closely with the relevant authorities to close the more-than $60 billion deal in the second quarter.
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