European Commission Initiates Phase II Investigation of Proposed Bayer and Monsanto Deal
LEVERKUSEN, GERMANY - Today, Bayer has confirmed that the European Commission is entering a Phase II investigation of the proposed Bayer and Monsanto combination, according to a company press release.
The company was anticipating further review of the proposed acquisition of Monsanto, due to the size and scope of the transaction. Bayer believes that the proposed combination will be highly beneficial for farmers and consumers, and will continue to work closely and constructively with the European Commission in its investigation.
According to a report by Reuters, in the $66 billion takeover of Monsanto, Bayer has pledged to divest businesses with up to $1.6 billion in annual sales, if required by antitrust regulators. The company has remarked that it expects to stay below that figure.
The companies notified the transaction to the European Commission on June 30, 2017, and submitted commitments on July 31, 2017. Bayer has stated that it looks forward to continuing to work constructively with the Commission with a view to obtaining the Commission’s approval of the transaction by the end of this year.
The deal would result in the world’s largest integrated pesticides and seeds company, according to Reuters.
Follow along with the details of this deal as AndNowUKnow continues to bring you the latest.