The German chemical group Basf has reached an agreement to buy a significant part of the non-selective seeds and herbicides business from Bayer. For these divisions, Basf will pay Bayer 5.9 billion Euro, as reported by both companies.
"With this investment, we are taking the opportunity to acquire highly attractive assets in key markets and crops," assured Basf CEO Kurt Bock. "It will be a strategic complement to Basf's successful crop protection business, as well as to our own biotechnology activities," he added.
The sale of this part of Bayer's business comes after the European Commission announced this summer that it was initiating an investigation into the purchase of Monsanto by Bayer.
In particular, Brussels wanted to investigate whether this operation, which was to give rise to the largest agricultural group in the world, complied with Community legislation and whether the transaction would reduce competition in the pesticides or seeds markets. After the transaction with Basf, the issue has been resolved.
Source: expansion.com
