Bayer AG CEO Werner Baumann says he expects the Bayer-Monsanto deal will close by the end of this year. Bauman says he is confident the planned $57 billion acquisition of Monsanto would overcome any regulatory obstacles and close by the end of the year, despite delays with U.S. and European antitrust authorities, according to a report by Dow Jones. Bauman made the comments during Bayer’s annual earnings conference. Bayer filed for approval with the Justice Department for the agreement at the end of last year, but has put off filing for regulatory approval with the European Commission until the second quarter of this year. The delay, according to Bayer, follows a request by officials for new documents regarding the transaction. The merger would create the world’s top supplier by sales of both seeds and pesticides, creating a “one-stop solution for farmers” that regulators could see as undermining competition. However, President Donald Trump has touted the deal because of Bayer’s commitment to creating new jobs in the United States.
From the National Association of Farm Broadcasting news service.
Good progress with the acquisition of Monsanto
Bayer last year took a major strategic step forward with the agreed acquisition of Monsanto, said Baumann. “This transaction is the perfect fit for our strategy of seeking leadership positions with our Life Science activities in attractive, innovation-driven markets.” Once the businesses have been combined, Bayer would be able to create substantial additional value in the long term through more innovation, stronger growth and greater efficiency. At a special meeting in December 2016, Monsanto’s stockholders approved the transaction. Bayer has also made progress in the necessary antitrust proceedings and has already applied for clearance from some two-thirds of around 30 authorities. Bayer and Monsanto are working closely with the authorities. Bayer remains confident of closing the transaction before the end of 2017.