FRANKFURT: German drugmaker Bayer expects to sell some cotton and canola seed businesses to allay antitrust regulator's concerns about its planned takeover of Monsanto, the head of Bayer's Crop Science division told German daily Taz. "In North America the combined market share in cotton is indeed quite high. We anticipate that parts of this business may have to be divested," unit head Liam Condon was quoted as saying on Monday.
"Another strong market position in North America will emerge in canola," he added.
German drug and crop chemical maker Bayer clinched the $66 billion takeover of US seeds company Monsanto in September, ending months of wrangling. Antitrust experts have said regulators will likely demand the sale of some soybeans, cotton and canola seed assets.
Condon told the newspaper that overall, "there will not be less competition because we hardly have any overlap" with Monsanto, reiterating that antitrust remedies would not pose a serious hurdle to completing the deal.
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