Sector News

Bayer offers more divestitures to secure EU approval for Monsanto deal

February 5, 2018
Chemical Value Chain

Bayer today confirmed to CW that it has offered more concessions to secure the EU approval for its planned $63.5 billion acquisition of Monsanto.

This comes as the European Commission extended the deadline for the conclusion of its antitrust investigation from 12 March to 5 April. Bayer has already agreed to sell its Liberty glufosinate herbicide and Liberty-Link glufosinate-resistant seeds businesses to BASF for €5.9 billion ($7.3 billion), but also indicated that it was prepared to put additional assets on the block.

“We can confirm that we have indeed submitted remedies to the European Commission. We are confident that they fully address the European Commission’s concerns. Please understand that this is a strictly confidential process so that we are not at liberty to discuss any details,” the company tells CW. The Commission similarly declined to reveal what additional businesses Bayer had offered to divest.

By Natasha Alperowicz

Source: Chemical Week

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