EU Approves Bayer’s Acquisition of Monsanto, Must Sell Additional Asset

Dow Jones reports German chemical company Bayer AG (BAYN.XE) on Wednesday won conditional European Union approval for its more than $60 billion takeover of Monsanto Co. (MON) after the companies offered remedies worth more than 6 billion euros ($7.38 billion) to assuage antitrust concerns.

"Our decision ensures that there will be effective competition and innovation in seeds, pesticides and digital agriculture markets also after this merger," said European Competition Commissioner Margrethe Vestager.

Bayer has committed to divest an array of assets to Germany's BASF SE (BAS.XE). Bayer and Monsanto have also committed to divest Monsanto's nematode seed-treatment assets to BASF, the commission said.

Bayer said it is working with authorities to close the transaction in the second quarter.