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5/29, 6:24 PM (Source: TeleTrader.com)
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Bayer agrees to sell $9B of agricultural assets, gets US approval of Monsanto deal

The United States Justice Department announced on Tuesday that it told German pharmaceutical giant Bayer AG that it will approve its acquisition of Monsanto in case it sells its agricultural assets worth $9 billion. Bayer agreed to the conditions which mark the largest ever antitrust divestiture in the US.

The announcement confirms media reports from April which stated the DoJ told the two companies it will greenlight the transaction on the condition they sell off additional assets.

In 2016, Monsanto accepted the German drugmaker's $66 billion takeover bid and the deal was approved by the European Commission and Russia earlier this year.

Breaking the News / NP