April 11, 2018 / 1:01 PM / a year ago

EU approves changes to Bayer commitments over Monsanto deal

FILE PHOTO: Monsanto is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 9, 2016. REUTERS/Brendan McDermid/File Photo

BRUSSELS (Reuters) - The European Commission said on Wednesday it had approved a request by Germany’s Bayer (BAYGn.DE) to make two modifications to the commitments it made to get approval for its purchase of U.S. group Monsanto MON.N.

Under the new proposal, Bayer has asked to sell its Bayer seed treatment assets and products unit as well as its global digital agriculture assets to BASF (BASFn.DE).

The Commission, which oversees competition in the European Union, said the commitments as modified would be at least as effective to ease competition concerns as the previous proposal.

The competition watchdog said it was still assessing whether BASF was a suitable buyer for the units.

Reporting by Robert-Jan Bartunek; editing by Jason Neely

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