Market News & Headlines >> Bayer-Monsanto Deal Wins U.S. Antitrust Approval
The U.S. Justice Department has approved Bayer AG’s purchase of Monsanto Co. after the two companies agreed to sell off additional assets to win government antitrust approval.
Bayer agreed to sell additional seed and treatment assets to BASF SE and agreed to make concessions related to digital agriculture, The Wall Street Journal reported on Monday, citing people familiar with the matter.
The $60-billion-plus deal had been held up because of Justice Department concerns that it would reduce competition in the seed and agricultural chemical sector too much. The deal would create a company with a more than 25% share of the global seed and pesticides market.
Shares of Monsanto Co., closed up $7.29 or 6.2% on Monday at $125.15 after approaching a four-year high earlier in the day.