You are here: Home » Companies » News
Business Standard

CCI approves Bayer's $62.5 bn acquisition for US seed major Monsanto

Both Bayer and Monsanto had subsidiaries in India, making it mandatory for them to receive clearance from the CCI

Reuters  |  New Delhi 

Monsanto

Competition Commission of India (CCI) has approved the acquisition of US seed major Co by AG, in a decision that moves the $62.5 billion deal a step closer to the finish line.

German conglomerate is preparing to close the takeover this quarter, giving it control of more than 25 per cent of the world's seed and pesticides market.

Both and had subsidiaries in India, making it mandatory for them to receive clearance from the

The acquisition had been approved "subject to compliance of certain modifications," the said on Twitter, without elaborating.

A source with direct knowledge of the matter said CCI's clearance was among the last antitrust hurdles for the deal.

The hasn't yet made public the conditions imposed, but the source said the watchdog had asked for divestment of Bayer's agriculture seeds, vegetable seeds, glufosinate-ammonium and the digital agriculture business.

In a statement on Tuesday, Bayer said the Indian clearance was "another milestone" towards the global acquisition.

The takeover, one of a trio of major deals in the in recent years, would create a company with a share of more than a quarter of the world's seed and pesticides market.

Bayer last week said Russia's antitrust regulator FAS had approved the company's takeover.

First Published: Tue, May 22 2018. 19:12 IST
RECOMMENDED FOR YOU