German ag and healthcare giant Bayer said it is “in exclusive talks with BASF on the sale of its entire vegetable seeds business” as a way of gaining European approval for its takeover of Monsanto. The merger, part of a wave of consolidation in the seed and ag-chemical sector, would solidify the combined Bayer-Monsanto as the largest player in the industry.
Bayer previously agreed to sell parts of its crop science business to BASF for 5.9 billion euros, or $7.3 billion. “Any sales and licenses would be subject to a successful closing of the proposed acquisition of Monsanto,” said Bayer. “The European Commission recently extended the examination deadline for the acquisition until April 5. Bayer is working closely with the authorities worldwide in order to successfully close the transaction in the second quarter of 2018.”
The news site MarketWatch said, “Bayer didn’t provide financial details on the potential deal with BASF.”
The environmental group PAN North America said its poll of 957 U.S. farmers found that nine of 10 are concerned the Bayer-Monsanto merger “will negatively impact independent farmers and farming communities.”