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Bayer-Monsanto deal approved by Brazil's antitrust agency

Brazil's antitrust agency approved Germany-based Bayer AG's proposed deal to acquire Monsanto Co., Reuters reported.

The Administrative Council for Economic Defense's commissioners voted 4-2 in favor of the $63.5 billion deal.

The deal was initially valued at about $66 billion. Delays in finalizing the acquisition allowed the U.S. fertilizers and agricultural chemicals company to cut its debt, lowering the deal's value to $63.5 billion.

In October 2017, Bayer agreed to sell selected crop science businesses to German chemicals company BASF SE for €5.9 billion to ease antitrust concerns regarding the deal.

Recently, the European Commission extended the deadline for the antitrust review of the proposed merger to April 5, after Bayer offered concessions to allay antitrust concerns of the regulator.