Bayer Wins US Nod For Monsanto Deal To Create Agricultural Giant
Bayer has won US approval for its planned takeover of Monsanto, after agreeing to sell about $9 billion in assets, clearing a major hurdle for the $62.5 billion deal that will create, by far, the largest seed- and pesticide-maker.
Makan Delrahim, who heads the US Justice Department's (DoJ) Antitrust Division, said that the asset sales agreed by Bayer were the "largest-ever divestiture ever required by the United States".
A Bayer spokesman said that the planned sale of businesses with €2.2 billion ($2.54 billion) in sales to German chemical company BASF – already agreed to address antitrust concerns, mainly in Europe – were not materially different from the DoJ's demands.
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