Bayer has agreed to sell its Liberty herbicide and LibertyLink-branded seeds businesses to win antitrust approval for its acquisition of Monsanto, according to an article on Reuters.com.
The divestment of the two global brands, a requirement imposed by South Africa’s Competition Commission on Sunday, will account for the bulk of asset sales worth about $2.5 billion which need to be made to satisfy competition regulators looking at the $66 million Monsanto deal, sources close to the matter have said.
“Bayer has agreed to these conditions and is evaluating how best to execute the imposed divestiture,” the German group said in its statement.
It would not comment on revenues, number of affected staff or the value of the assets.
While South Africa is a relatively small market for the two global agricultural supplies giants, the move marks the first time for Bayer to acknowledge it has to sell the two related Liberty brands, which compete with Monsanto’s Roundup weed killer and Roundup Ready seeds.