Bayer obtained the consent of the US Justice Department for the takeover of Monsanto, reports to Reuters. This decision cost the chemical giant $ 9 billion assets, from which he must get rid, according to the terms of the antimonopoly department of the ministry.
Only after that, Bayer will be able to make a $ 62.5 billion deal to buy Monsanto, and then to become the world’s largest producer of seeds and pesticides.
Makan Delrahim, head of the Antitrust Department, says that Bayer agreed to the largest requirement to sale the assets ever instituted by the United States.
In particular, Bayer agreed to withdraw from its control their assets in the production of cotton, canola, soy and vegetable seeds, as well as to divide the production of herbicides Liberty, which products compete with the Monsanto-produced preparation Roundup. In addition, Bayer will sell part of its intellectual property and R&D assets.
Previously, Bayer said that as a result of the forced sale of assets, it will lose the synergistic effect from the merger with Monsanto: the company expects that $ 300 million of future profits may not be counted. But at the same time, Bayer is becoming a giant supply of agricultural products with sales of about 20 billion euros.
“Getting approval of the Justice Ministry brings us closer to our goal of creating a leading company in agriculture,” said Bayer CEO Werner Baumann.
We recall that there were the terms of the antimonopoly committee that for a long time prevented the final decision on the deal between Bayer and Monsanto