Bayer AG’s CEO said he expects its $66 billion combination with Monsanto Co. to close by the end of the year despite conceding that the deal faces an in-depth European Union investigation given its size and complexity, writes Gaspard Sebag on Bloomberg.com.
Werner Baumann told investors Thursday “there’s absolutely no reason to doubt” the companies can close the deal by the end of the year even if the European Commission opens a so-called phase II in-depth review, which would push back the current Aug. 7 deadline for the EU to rule on the deal by about four months. “There’s still a half a year left,” he said.
“We have always expected that in Europe we might go into a phase II because it is a large and complex deal,” Baumann said. “Just out of pure magnitude of data we submitted to the commission, it is clear that they have a lot of reviewing to do.”