Bayer sells units to be able to complete Monsanto takeover

Posted: Updated:
(AP Photo/Markus Schreiber, file). FILE - In this May 23, 2016, file photo the Bayer AG corporate logo is displayed on a building of the German drug and chemicals company in Berlin, Germany. German pharmaceutical giant Bayer AG said Friday, Oct. 13, 20... (AP Photo/Markus Schreiber, file). FILE - In this May 23, 2016, file photo the Bayer AG corporate logo is displayed on a building of the German drug and chemicals company in Berlin, Germany. German pharmaceutical giant Bayer AG said Friday, Oct. 13, 20...

BERLIN (AP) - German pharmaceutical giant Bayer AG has reached a 5.9 billion euro ($7 billion) deal to sell parts of its Crop Science unit to German chemical company BASF to alleviate regulatory concerns over its planned takeover of U.S. seed and weed-killer company Monsanto Co.

Monsanto last year accepted an offer from Bayer to pay $57 billion to its shareholders and assume $9 billion in debt.

Bayer said Friday it's working with authorities with the aim of closing the deal by early 2018.

To "address certain overlaps in the combined product portfolio" of the companies, it says it will sell to BASF "essentially all of the company's field crop seeds businesses," and the Liberty herbicide brand.

The transaction's subject to regulatory approvals and the successful closing of the Monsanto acquisition.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

sorry to interrupt
your first 5 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 5 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."