German drugs and pesticides group Bayer said on Tuesday it was now likely to be early next year before it can complete its $66 billion deal to acquire U.S. group Monsanto, later than previously expected.
The European Commission has been scrutinizing the proposed takeover with a deadline of Jan. 8 but Bayer said in a statement it had asked the regulator for an extension on the investigation to Jan. 22, to which the EU Commission responded by saying it would take a decision shortly.
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Among a slew of markets where competition was at risk, the EU Commission at the time named Monsanto’s weed killer glyphosate, or Roundup, which competes with Bayer’s glufosinate; vegetable and canola seeds; and licensing of cotton-seed technology to peers.
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More broadly, it said the deal might slow the race to develop new products, and that the European Union would try to prevent Bayer from becoming too dominant in combined offerings of seeds and pesticides with the help of digital farming tools such as connected sensors, software and precision machines.
Bayer, which was making a media presentation on its Crop Science business on Tuesday, also said the division would face volatile global markets for the rest of the year but would slowly return to growth from 2018….
The GLP aggregated and excerpted this article to reflect the diversity of news, opinion and analysis. Read full, original post: Bayer says needs more time for Monsanto deal approval
