Business News

Bayer sells more assets to help close Monsanto deal

Angela Mueller

Werner Baumann, CEO of Bayer
Wolfgang Rattay | Reuters

Bayer has agreed to sell more of its crop science businesses to BASF as it seeks to wrap up its pending $62.5 billion acquisition of Monsanto.

Bayer announced Thursday that it has agreed to sell the crop science units to BASF for about $2.1 billion, or 1.7 billion euros. The deal fulfills requirements set by the European Commission and other regulatory authorities.

The deal is subject to the closing of the Monsanto acquisition.

The businesses being sold include the global vegetable seeds business, certain seed treatment products, the research platform for wheat hybrids and certain glyphosate-based herbicides in Europe. The businesses generated total sales of about $899 million, or 745 million euros.

Bayer sold other crop science units to BASF in October.

Reuters reported earlier this week that Bayer's takeover of Monsanto was on track to receive U.S. antitrust approval by the end of May, if there are no last-minute complications. The companies have said they hope to have the deal complete in the second quarter.

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