Bayer AG CEO Werner Baumann says he’s confident they’ll win European Approval of their deal to acquire Monsanto.
A Bloomberg report says he’s trying to win the approval of its $66 billion acquisition while contemplating the sale of more businesses. He says, without the Monsanto acquisition, Bayer sales and profits will grind to a halt this year. Company shares dropped almost four percent on the weak forecast, the biggest drop in months.
The German-based company had expected to close the deal early this year. It remains confident that it can take care of EU antitrust concerns by either divesting or out-licensing businesses. The company has said it will sell its entire vegetable seed business in a deal that should wrap up in the second quarter of this year. Farming technology and the seed portfolio have emerged as key details in the EU talks.
A Reuters report this week says that EU regulators have already decided to give the deal their approval.