Bayer’s on [March 13] 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 was in the frame to win conditional antitrust approval from the European Union for the $62.5 billion deal.
Bayer said at the time that the U.S. review was not as far advanced as EU’s, but it was confident it would make progress there over the next few weeks.
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