bayer sells crop science units to ease monsanto takeover
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bayer sells crop science units to ease Monsanto takeover

Arab Today, arab today

Arab Today, arab today Bayer sells crop science units to ease Monsanto takeover

Bayer is selling off parts of its business to ease concerns of regulators.
Frankfurt am Main - Arab Today

German chemicals and pharmaceuticals giant Bayer announced a multi-billion-euro deal 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.

The European Commission said earlier this month it would put on hold its competition probe of Bayer's $66-billion mega-deal -- the largest in German history -- to take over controversial US seeds and pesticides maker Monsanto, allowing the companies time to offer new information.

Environmentalists and politicians on both sides of the Atlantic fear that the deal, which would create a global seeds and pesticides behemoth with annual revenues of around 23 billion euros and 140,000 employees, would give the combined firm too much power over the food chain.

As it opened an in-depth examination of the tie-up in August, the Commission expressed concern that Bayer produces one of the few alternatives to Monsanto's product glyphosate, the most sold non-selective herbicide in Europe.

It also noted that both firms have large market shares in vegetable seeds and several field crops where their products compete against one another.

Friday's sale to BASF includes Bayer's cotton seeds, canola seeds and soybean seed activities.

The units the Leverkusen-based group plans to sell generated around 1.3 billion euros of revenue in 2016, the firm said.

More than 1,800 employees are affected by the move, mostly in the US, Germany, Brazil, Canada and Belgium, with BASF agreeing to guarantee their jobs for three years after the deal is inked.

The proceeds of the sale will go towards partially refinancing the Monsanto bid.

Bayer still hopes to close its Monsanto merger "by early 2018", although the Commission said in August that the deadline for a decision would be pushed back from the previous date of January 22 next year.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bayer sells crop science units to ease monsanto takeover bayer sells crop science units to ease monsanto takeover

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bayer sells crop science units to ease monsanto takeover bayer sells crop science units to ease monsanto takeover

 



GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 21:42 2017 Friday ,15 December

Bahrain’s national days celebrated

GMT 09:38 2016 Thursday ,08 December

General strike in Greece over new budget cuts

GMT 05:51 2017 Friday ,06 October

Kyrgyz leader arrives in Russia for treatment

GMT 15:32 2017 Thursday ,27 July

Tears in rain: North Korea marks 'Victory Day'

GMT 10:53 2017 Friday ,05 May

Appoints b. the communications agency

GMT 15:50 2017 Saturday ,18 March

Iraqi government to send military troops to Ramadi

GMT 11:00 2017 Wednesday ,03 May

Celta plan more pain for exhausted Man Utd

GMT 18:58 2017 Wednesday ,15 March

Sheikha Moza sign agreement between Tunisian Ministry

GMT 17:53 2013 Sunday ,10 November

Qatar tourism jumps in Q3 2013

GMT 08:59 2017 Saturday ,30 September

North Korean rockettes serve up Coca-Cola in Dubai

GMT 10:48 2017 Tuesday ,21 March

Signs for Chicago Fire: Man Utd

GMT 06:24 2017 Thursday ,07 September

Bahrain weather forecast

GMT 21:00 2017 Thursday ,28 September

All foreign flights to Erbil to end Friday

GMT 04:31 2017 Wednesday ,26 April

Acra dress everyone is talking about

GMT 08:12 2017 Wednesday ,25 October

Actor Hassan Al Radad reveals his role in “Karma”

GMT 09:02 2018 Tuesday ,04 December

Duda defends coal use at UN climate conference
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday