Bayer-Monsanto merger proposal may be resubmitted in India
The Competition Commission of India has asked for the application of the $66bn merger between German chemical and pharma major Bayer and global biotech Monsanto to be resubmitted. "We are unaware of any rejection of the application for approval of the agreed merger," a Bayer spokesperson said. In India, both companies are involved in the production and sale of vegetable seeds, cotton seeds and non-selective herbicides. The Bayer-Monsanto merger, first announced in September 2016, if approved, would create the world’s biggest seed and pesticide firm.
Home

News

Agencies

CCI seeks fresh application in Bayer-Monsanto deal

CCI seeks fresh application in Bayer-Monsanto deal

New Delhi, Mar 24 (PTI) The Competition Commission has asked for filing of fresh application with respect to German major Bayer AG's proposed USD 66 billion buyout of Monsanto.The deal, announced in S

New Delhi, Mar 24 (PTI) The Competition Commission has asked for filing of fresh application with respect to German major Bayer AG’s proposed USD 66 billion buyout of Monsanto.

The deal, announced in September 2016, would create create the world’s biggest seed and pesticide firm.

You may like to read

A source at the Competition Commission of India (CCI) said the regulator has asked for re-submission of application with regard to seeking approval for the Bayer-Monsanto deal.

Specific reasons for seeking fresh application could not be immediately ascertained.

CCI can ask for filing of fresh application in cases of mergers and acquisitions citing lack of adequate information and certain other ground.

When contacted, a Bayer spokesperson said the process in India is going its regular course and “we are in dialogue with the Indian anti-trust authority in terms of the completeness of the data package”.

“We are unaware of any rejection of the application for approval of the agreed merger. Please understand that we are not commenting on further details,” the spokesperson said in a statement.

Mergers and acquisitions beyond a certain threshold require approval of the CCI.

German chemical and pharma major Bayer and global biotech player Monsanto have presence in India, with the US firm selling genetically modified (GM) cotton seeds in the country for more than a decade.

As per the earlier notice filed by Bayer before the CCI in October 2016, the “proposed combination raises no competitive concern in any of the overlap products”.

In India, both entities have presence in production and sale of vegetable seeds, cotton seeds as well as in production and sale of non-selective herbicides, according to that notice.

After months of negotiations, Bayer and Monsanto in September last year announced signing of a definitive merger agreement. Under the deal, Bayer would acquire Monsanto for USD 128 per share in an all-cash transaction, which translates into an aggregate value of USD 66 billion.

This is published unedited from the PTI feed.

For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest News on India.com.