The closing of Bayer’s acquisition of Monsanto Co. is now expected in early 2018 rather than at the end of this year.
Liam Condon, Bayer Management Board member and President of the Crop Science Division, announced in a post on Bayer’s website that the company is making progress with the acquisition. In late June 2017, Bayer filed a submission to obtain antitrust approval from the European Commission, and in the next month, the commission initiated a Phase II investigation.
Bayer requested to extend the review deadline until Jan. 22, 2018, with the aim of facilitating an appropriate evaluation given the size of the transaction.
“In view of this, an anticipated closing of the deal in early 2018 is now more likely than end of 2017,” Condon said.
Bayer has submitted applications for clearance to almost all of the around 30 relevant authorities, and has already received approvals from over one-third of them, the post on Bayer’s site said.