New Delhi, Oct 13 (PTI) German drug and agrochemicalsmajor Bayer today announced sale of selected crop sciencebusinesses to BASF for USD 7 billion as part of its strategyto complete acquisition of US biotech major Monsanto.
However, the company said that this deal will have noimpact on Bayer's India business.
"In light of the planned acquisition of Monsanto, Bayerhas signed an agreement to sell selected Crop Sciencebusinesses to BASF for EUR 5.9 billion," Bayer said in astatement.
The assets to be sold generated net sales of about EUR1.3 billion in 2016.
Separately, Germany-based BASF -- the world's third-largest crop chemicals manufacturer -- said it has signed anagreement to acquire significant parts of BayerÂ’s seed andnon-selective herbicide businesses.
The transaction is subject to regulatory approvals andthe successful closing of BayerÂ’s acquisition of Monsanto.
"We are taking an active approach to address potentialregulatory concerns, with the goal of facilitating asuccessful close of the Monsanto transaction," said WernerBaumann, Chairman of the Board of Management of Bayer AG.
Bayer said it will continue to work diligently with therelevant authorities with the aim of closing the plannedacquisition of Monsanto by early 2018.
Bayer had in September 2016 agreed to take over theAmerican seeds major Monsanto for USD 66 billionThe assets to be sold include Bayer's globalglufosinate-ammonium business and the related LibertyLinktechnology for herbicide tolerance, essentially all of thecompanyÂ’s field crop seeds businesses, as well as respectiveresearch and development capabilities.
"The seeds businesses being divested include the globalcotton seed business (excluding India and South Africa), theNorth American and European canola seed businesses and thesoybean seed business," Bayer said.
The transaction includes the transfer of relevantintellectual property and facilities, as well as more than1,800 employees primarily in the US, Germany, Brazil, Canadaand Belgium. PTI MJHABM.
This is unedited, unformatted feed from the Press Trust of India wire.