EU: Bayer makes new concessions for Monsanto deal

Bayer has offered additional concessions to European regulators regarding its US$63.5 billion bid for US rival Monsanto in an antitrust review that will now be extended to April 5.

The proposed remedies “are very significant and we are confident they fully address the European Commission’s concerns,” Bayer said in a statement.

The European Commission said that the deadline for it to conclude its antitrust investigation had been postponed to April 5 from March 12 previously.

Margrethe Vestager, European competition commissioner, said when she launched an in-depth probe into the deal in August, “We need to ensure effective competition so that farmers can have access to innovative products, better quality and also purchase products at competitive prices… And at the same time maintain an environment where companies can innovate and invest in improved products.”

Ms Vestager was concerned the companies could increase prices, lower quality, cut choice and reduce innovation in the pesticides, seeds and so-called seed-trait markets. Seed traits are the patented characteristics of genetically modified seeds.

Full Content: Financial Times

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