EU approved buyout of US agri-giant Monsanto by Bayer

Vastavam web: The EU today approved the proposed blockbuster buyout of US agri-giant Monsanto by German chemical firm Bayer after securing concessions in order to win approval.”We have approved Bayer’s plans to take over Monsanto because the parties’ remedies, worth well over 6 billion euros (USD 7.4 billion), meet our competition concerns in full,” said Commissioner Margrethe Vestager, the EU’s anti-trust chief.The European Commission, which serves as the powerful anti-trust regulator for the 28-nation European Union, at the time cited concerns it could reduce competition in key products for farmers.

Brussels made the decesion despite opposition by environmentalists who fear that the deal gives too much power to the world’s leading manufacturers of genetically modified organisms (GMOs) and the controversial weedkiller glyphosate.The EU has won several concessions from Bayer including the announced sale in October by Bayer of parts of its agrochemical business to German rival BASF.

That deal would see Bayer sell the lion’s share of its crop seeds units and its glyphosate herbicide business to BASF for 5.9 billion euros (USD 7 billion). Earlier this month, BASF also committed to buying Bayer’s vegetable seed business in a last minute concession to Brussels.