BASF to buy seeds, herbicide businesses from Bayer for $7 billion
Bayer is trying to convince competition authorities to approve its planned acquisition of Monsanto.
Bayer had offered to sell assets worth around $2.5 billion. The European Commission said in August that the divestments offered by Bayer so far did not go far enough and started an in-depth investigation of the deal.
Bayer has to sell the LibertyLink-branded seeds and Liberty herbicide businesses because they compete with Monsanto’s Roundup weed killer and Roundup Ready seeds.
BASF will finance the acquisition through a combination of cash on hand, commercial paper and bonds. It expects the acquisition to add to its earnings by 2020. ■