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Bayer confirms talks with BASF to sell vegetable seeds unit

Bayer AG confirmed it is in exclusive talks with Rhein, Germany-based chemicals company BASF SE for the potential sale of its entire vegetable seeds business.

The Netherlands-based vegetable seeds business makes up about 10% of Bayer's crop science division. The unit generates annual sales of about $430 million.

The sale could potentially fetch €1.5 billion and will help satisfy concerns raised by the European Commission related to Bayer's $62.5 billion acquisition of Monsanto Co.

The German drug and crop chemicals maker had previously agreed to sell some of its crop science businesses to BASF for €5.9 billion.

With European antitrust clearance expected April 5, Bayer hopes to close the Monsanto deal during the second quarter of 2018.