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 Monsantoโs seeds and herbicides.
Unlike Bayerโs, Monsantoโs 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 Switzerlandโs Syngenta AG.
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The GLP aggregated and excerpted this blog/article to reflect the diversity of news, opinion, and analysis. Read full, original post:ย Bayer Hints at Delay on Monsanto as Regulators Seek Details
