The US Justice Department (DOJ) will allow Bayer’s deal to acquire Monsanto for US$62.5 billion, the Wall Street Journal reported citing Dow Jones sources.
The acquisition was in limbo until the companies and the DOJ could come to an agreement, which has now been established on principle. Bayer CEO Werner Bauman and Monsanto CEO Hugh Grant met recently with DOJ officials, according to the report.
The meetings resulted in the companies pledging to sell further assets in order to win government approval. After Bayer won EU antitrust approval on March 21 for the deal, US officials expressed concern that a combination would disadvantage American farmers. The use of genetically modified seeds by US farmers would leave them unable to compete with their European counterparts, where use of genetically modified seeds is banned.
Bayer will divest business assets related to seed treatment, as well as yield ownership of parts of its digital agriculture business, the report said.
Full Content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Extends Support for Farms and Fisheries Amid Market Disruptions
May 5, 2024 by
CPI
Sony and Apollo Bid $26 Billion for Paramount Acquisition
May 5, 2024 by
CPI
Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit
May 5, 2024 by
CPI
Italian Antitrust Ruling Puts Halt on Intesa Sanpaolo’s Fintech Ambitions
May 5, 2024 by
CPI
Google Antitrust Case: Closing Arguments Conclude
May 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI