BASF has completed its acquisition of a range of businesses and assets from Bayer.
The sale was a condition of Bayer's acquisition of Monsanto.
"This strategic move adds excellent assets to our strong agricultural solutions portfolio and enhances our innovation potential. Overall, it ensures an even more comprehensive and attractive offering to our customers," said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors and Chief Technology Officer of BASF SE.
The transaction marks BASF's entry into seeds, non-selective herbicides and nematicide seed treatments.
About 4,500 employees will join the company through the acquisition. BASF has renamed the division from Crop Protection to Agricultural Solutions.
In addition, the division has established a new global business unit for seeds and traits.
BASF signed agreements in October 2017 and April 2018 to acquire the businesses and assets Bayer offered to divest in the context of its acquisition of Monsanto, for an all-cash purchase price of 7.6 billion euro ($11.5 billion CAD), subject to certain adjustments at closing.
The agreements include: - Bayer's global glufosinate-ammonium business; - seeds businesses including traits, research and breeding capabilities, and trademarks for key row crops in select markets; - the vegetable seeds business; - the R&D platform for hybrid wheat; - a range of seed treatment products; - certain glyphosate-based herbicides in Europe, used predominantly for industrial applications; - the complete digital farming platform xarvioTM; - certain non-selective herbicide and nematicide research projects.
These transactions are now completed, except for the vegetable seeds business for which closing is expected in mid-August 2018.
Canada's Competition Bureau approved BASF's acquisition of Bayer's LibertyLink canola system back in June, under the condition is that BASF sell its Clearfield canola system.