LEVERKUSEN, Germany — Bayer said it is in exclusive talks with BASF on the sale of its entire vegetable seeds business.
Bayer said in a news release it's confident that through this and related moves, the company will fully addressing all concerns of the European Commission.
On Oct. 13, Bayer had already agreed to sell selected Crop Science businesses to BASF for 5.9 billion euros. This first package covered Bayer’s global glufosinate-ammonium business and the related LibertyLink™ 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.
Bayer said 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 said it is working closely with the authorities worldwide in order to successfully close the transaction in the second quarter of 2018.