May 29, 2018 / 5:23 PM / 3 months ago

Bayer says EU approves BASF as buyer of antitrust divestments

FRANKFURT (Reuters) - Bayer (BAYGn.DE) said on Tuesday said the European Commission had approved BASF (BASFn.DE) as a suitable buyer of the businesses Bayer will divest to win regulatory approval for the planned acquisition of Monsanto.

FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender//File Photo

The EU commission, which is Europe’s antitrust regulator, ruled in March that the assets Bayer agreed to shed are sufficient to approve the Monsanto deal, but it had yet to give a final nod on whether BASF would sufficiently stoke competition as new owner.

Bayer is close to wrapping up the Monsanto deal following months of delays. Earlier on Tuesday it won conditional U.S. antitrust approval for the $62.5 billion transaction.

Reporting by Ludwig Burger; Editing by Mark Heinrich

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