South Africa's Competition Tribunal approved Bayer AG's proposed $62.5 billion acquisition of Monsanto Co., subject to certain conditions.
The Tribunal said in a statement that the merged entity is required to divest and sell the entire global Liberty Link trait technology, Bayer's Liberty branded agro-chemicals business and Bayer's South African cotton seed business.
The Tribunal took into account concerns cited by the Competition Commission related to the supply of genetically modified cotton seeds in the market. The Tribunal said the proposed merger also results in the removal of potential competition for Bayer in the South African market for seeds and accompanying products.
The Competition Commission had approved the intermediate merger subject to conditions May 3, 2017.
In April, Bayer agreed to sell more crop sciences businesses to BASF SE for up to €1.7 billion to satisfy regulatory concerns of the European Commission and other regulators regarding the proposed merger.
