BEIJING (Reuters) – Bayer’s on Tuesday secured conditional approval from China’s commerce ministry for its planned acquisition of the world No. 1 seed company Monsanto , chalking up a victory in the onerous struggle to win over watchdogs across the globe.
The ministry also ordered the German drug and crop chemicals maker to spin off some businesses globally, including vegetable seeds, corn, soybean, cotton, and herbicide, according to a statement posted on the ministry’s website.
Bayer - Seed - Herbicide - Assets - Euros
Bayer has already pledged to sell certain seed and herbicide assets for 5.9 billion euros ($7.27 billion) to BASF to address EU regulatory concerns and has separately offered to sell its vegetable seeds business to BASF.
“These divestments are covered by our agreement and the ongoing negotiations...
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