BASF has completed its purchase of assets and businesses from Bayer. This comes as part of the agreement for Bayer to purchase Monsanto.
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When Bayer made its move to acquire Monsanto in a blockbuster buyout for the agriculture industry, it needed to unload some assets to comply with international trade regulations. BASF was pleased to be able to take those divested assets off their hands. The purchase amounted to about €7.6 billion euros ($8.87 billion dollars).
BASF’s Chairman of the Board and Chief Technology Officer Dr. Martin Brudermüller says, “This strategic move adds excellent assets to our strong agricultural solutions portfolio and enhances our innovation potential. Overall, it ensures an even more comprehensive and attractive offering to our customers.”
“This acquisition transforms BASF in agriculture. It strengthens our market position in agricultural solutions and creates new opportunities for growth,” added Saori Dubourg, member of the Board of Executive Directors of BASF SE and Agricultural Solutions segment lead. “We are looking forward to our joint journey and warmly welcome the new colleagues to BASF.”
About 4,500 employees are joining BASF in this acquisition.
The agreements include Bayer’s global glufosinate-ammonium business; seeds businesses including traits, research and breeding capabilities, and trademarks for key row crops in select markets; the vegetable seeds business; the R&D platform for hybrid wheat; a range of seed treatment products; certain glyphosate-based herbicides in Europe, used predominantly for industrial applications; as well as certain non-selective herbicide and nematicide research projects. These transactions are now completed, except for the vegetable seeds business for which closing is expected in mid-August 2018.