BASF has signed an agreement to acquire significant parts of Bayer's seed and non-selective herbicide businesses.
The move was made as Bayer prepares to move ahead with its planned acquisition of Monsanto. The deal between BASF and Bayer is worth about $7 billion USD.
"With this investment, we are seizing the opportunity to acquire highly attractive assets in key row crops and markets. It will be a strategic complement to BASF's well-established and successful crop protection business as well as to our own activities in biotechnology," said Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE. "The acquisition will further enhance our agricultural solutions offer, which is a core pillar of BASF's portfolio."
The assets to be acquired by BASF include Bayer's global glufosinate-ammonium non-selective herbicide business, commercialized under the Liberty®, Basta® and Finale® brands, as well as its seed businesses for key row crops in select markets: canola hybrids in North America under the InVigor® brand using the LibertyLink® trait technology, oilseed rape mainly in European markets, cotton in the Americas and Europe as well as soybean in the Americas. The transaction also includes Bayer's trait research and breeding capabilities for these crops and the LibertyLink® trait and trademark.
The transaction is subject to the closing of Bayer's acquisition of Monsanto and approval by relevant authorities.
It is expected to close in the first quarter of 2018.