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The European Commission on Wednesday approved the acquisition of the world's leading U.S.-based agriculture company, Monsanto, by German pharmaceutical giant Bayer for $66 billion.
The merger is conditional on the divestiture of an extensive remedy package, which addresses the parties' overlaps in seeds, pesticides and digital agriculture.
"Our decision ensures that there will be effective competition and innovation in seeds, pesticides and digital agriculture markets also after this merger," Commissioner for Competition Margrethe Vestager said in a statement.
Vestager said the commission made sure the number of global players actively competing in the markets stays the same.
"That is important because we need competition to ensure farmers have a choice of different seed varieties and pesticides at affordable prices," she added.
Bayer Chief Executive Officer Werner Baumann welcomed the commission's approval, terming it as a "major success and a significant milestone".
"Together with Monsanto, we want to help farmers across the world grow more nutritious food in a more sustainable way that benefits both consumers and the environment," Baumann added in the statement. -
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