April 26, 2018 / 4:21 PM / 8 months ago

Bayer sells more crop science assets to BASF for 1.7 billion euros

FILE PHOTO: Werner Baumann, CEO of Bayer AG, is posing for a picture in front of the German drugmaker's logo following the annual results news conference in Leverkusen, Germany February 22, 2017. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - Bayer AG (BAYGn.DE) said it had agreed to sell more crop science businesses to BASF (BASFn.DE) in a deal that fulfils undertakings to the European Union and other regulators as part of its takeover of Monsanto MON.N.

The package, being sold for up to 1.7 billion euros (1.5 billion pounds), includes its global vegetable seeds business, certain seed treatments and digital farming activities with total sales of 745 million euros in 2017.

“With this move, we are implementing the corresponding undertakings made to the European Commission and other regulatory authorities to allow the successful closing of the Monsanto transaction,” Werner Baumann, Chairman of the Board of Management of Bayer AG, said in a statement.

The sale is subject to the closing of the Monsanto takeover. It includes the transfer of 2,500 staff, around 150 of them in Germany. BASF has committed to keep all permanent positions for at least three years after the deal closes.

Reporting by Douglas Busvine; Editing by Michelle Martin

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