New Delhi, Oct 13 (PTI) German drug and agrochemicals major Bayer today announced sale of selected crop science businesses to BASF for USD 7 billion as part of its strategy to complete acquisition of US biotech major Monsanto.
However, the company said that this deal will have no impact on Bayer's India business.
"In light of the planned acquisition of Monsanto, Bayer has signed an agreement to sell selected Crop Science businesses to BASF for EUR 5.9 billion," Bayer said in a statement.
The assets to be sold generated net sales of about EUR 1.3 billion in 2016.
Separately, Germany-based BASF -- the world's third- largest crop chemicals manufacturer -- said it has signed an agreement to acquire significant parts of BayerÂ’s seed and non-selective herbicide businesses.
The transaction is subject to regulatory approvals and the successful closing of BayerÂ’s acquisition of Monsanto.
"We are taking an active approach to address potential regulatory concerns, with the goal of facilitating a successful close of the Monsanto transaction," said Werner Baumann, Chairman of the Board of Management of Bayer AG.
Bayer said it will continue to work diligently with the relevant authorities with the aim of closing the planned acquisition of Monsanto by early 2018.
Bayer had in September 2016 agreed to take over the American seeds major Monsanto for USD 66 billion The assets to be sold include Bayer's global glufosinate-ammonium business and the related LibertyLink technology for herbicide tolerance, essentially all of the companyÂ’s field crop seeds businesses, as well as respective research and development capabilities.
"The seeds businesses being divested include the global cotton seed business (excluding India and South Africa), the North American and European canola seed businesses and the soybean seed business," Bayer said.
The transaction includes the transfer of relevant intellectual property and facilities, as well as more than 1,800 employees primarily in the US, Germany, Brazil, Canada and Belgium. PTI MJH ABM .
This is unedited, unformatted feed from the Press Trust of India wire.