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KWS abandons bid for Bayer's vegetable business

German seed seller KWS Saat SE is abandoning its bid to acquire Bayer AG's vegetable seed business, Reuters reported.

KWS, which had renewed the bid earlier this week, said it accepts a decision by European Commission that BASF SE is the most suitable buyer for the business, which primarily operates under the Nunhems name.

BASF will be acquiring the business from Bayer in a €1.7 billion deal to ease antitrust concerns regarding the $62.5 billion purchase of Monsanto Co.

BASF is also buying some of Bayer's crop science businesses in a separate deal valued at €5.9 billion.

Anti-trust regulators in India, South Africa, EU and the U.S. have conditionally cleared Bayer's bid to acquire Monsanto.