BASF to Acquire Bayer’s Crop Science Unit
BASF has signed an agreement to purchase Bayer’s Crop Science business for $7 billion. BASF is purchasing Bayer seeds for mainstay crops including cotton and soybean, plus the herbicide brand Liberty. The move by Bayer is part of its agreement to purchase Monsanto. The transaction is subject to regulatory approvals as well as the successful closing of Bayer's acquisition of Monsanto.
A global analyst told Bloomberg that BASF “needed to buy a seeds business,” saying the industry business model is shifting toward chemical and seeds businesses being sold together. The transaction includes the transfer of intellectual property and facilities, as well as more than 1,800 employees primarily in the United States, Germany, Brazil, Canada and Belgium.
As part of the agreement, BASF has committed to maintaining all permanent positions, under similar conditions, for at least three years after closing of the transaction.
Source; NAFB News