Bayer Announces $7 Billion Deal, Part Of Move To Acquire Monsanto
Bayer AG announced the sale of a large part of its agribusiness on Friday. The deal will move the company closer to yet another big deal.
Bayer AG says it sold part of its crop science division to BASF for $7 billion.
The sale includes Bayer’s field crop seed and pesticide businesses.
Bayer says the move is “an active approach” to help it win regulatory approval for its proposed buyout of Monsanto.
That $66 billion deal will merge two of the world’s largest agribusinesses.
Some in the industry are concerned there will be less competition in the chemical and seed businesses, meaning higher costs for farmers.