EU greenlights $66bn Bayer-Monsanto deal; sell some businesses to rival BASF

Bayer has received the green light from the EU to buy Monsanto on Wednesday, after promising to sell off substantial parts of its business, clearing a major hurdle to the last of a trio of mega-mergers consolidating the global agrochemical industry. The German company promised to sell some of its herbicide and seeds businesses to rival BASF to alleviate the watchdog’s concerns that the tie up with the giant American agribusiness would cut competition in the EU and lead to higher prices, lower quality, a cut in choice and less product innovation. Bayer will also license BASF its digital farming portfolio. BASF agreed to buy Bayer’s non-selective herbicide business and some of its seeds business in October for €5.9bn, and has recently agreed a further purchase of its rival’s vegetable seed business for around €1.5bn. European authorities are considering the competition implications of these sales to BASF. More