The German drugmaker will only seek approval for the transaction in the European Union next quarter after regulators there requested more information, Chief Executive Officer Werner Baumann said at a meeting in Leverkusen, Germany, on Wednesday. The target timing was previously the first quarter. The company is also responding to a second request from the U.S. Department of Justice, he said.
The German company aims to pull off the biggest, most transformative deal of its 152-year history in 2017 as it attempts to meld its own pesticides with Monsanto’s seeds and herbicides.
Unlike Bayer’s, Monsanto’s agriculture business reported positive earnings last month, pointing to a possible turnaround in the industry. Last year, falling crop prices and a quest for greater efficiency triggered a cascade of deals in the industry. DuPont Co. and Dow Chemical Co. await regulatory approval for their planned union, as do China National Chemical Corp. and Switzerland’s Syngenta AG.
Share this article
The GLP aggregated and excerpted this blog/article to reflect the diversity of news, opinion, and analysis. Read full, original post: Bayer Hints at Delay on Monsanto as Regulators Seek Details
