China’s commerce ministry conditionally approves Bayer’s acquisition of Monsanto

BEIJING (Reuters) – China’s commerce ministry said on Tuesday it has conditionally approved the German drug and crop chemicals maker Bayer’s (BAYGn.DE) acquisition of the world No. 1 seed company Monsanto(MON.N).

FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo

The ministry also ordered Bayer to spin off some businesses globally, including vegetable seeds, corn, soybean, cotton, and herbicide, according to a statement posted on its website.

Bayer has already pledged to sell certain seed and herbicide assets for 5.9 billion euros ($7.27 billion) to BASF (BASFn.DE) to address EU regulatory concerns.

($1 = 0.8114 euros)

Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam

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