Bayer has offered to sell seed and herbicide businesses to try to appease the concerns of competition authorities in the European Union, generated by its offer to buy US rival Monsanto for 63.5 billion dollars.
The proposed solutions “are very important and we are confident that they fully address the concerns of the European Commission,” Bayer said in a statement.
The European Commission extended the process to review of the acquisition until April 5, from the original deadline of March 12.
Bayer noted that it still had the objective of closing the deal with Monsanto “in early 2018.” Neither the European Commission nor Bayer wanted to report what assets the German company offered to sell to satisfy European regulators.
The offer includes assets that will be sold to BASF and divestments in the vegetable seed business in some EU countries, said one person familiar with the matter.
“This is a very diverse package. It is not just about divesting assets, “said the person, who declined to provide details.
Bayer arrived in October last year to an agreement with BASF to sell its seed and herbicide business for 5.900 million euros (US $ 7,360 million), but has said it is willing to do more to obtain EU approval.
The Monsanto agreement has provoked the opposition of several farmers and ecologists who have sent more than 50,000 emails and more than 5,000 letters to the European Commission.