Bayer Shares Jump on Report of US Antitrust Deal on Monsanto

(From Reuters)

Bayer (BAYGn.DE) shares jumped nearly 5 percent on Tuesday following a media report that the U.S. Justice Department will allow the German drugs and pesticides group to acquire Monsanto (MON.N) in a $62.5 billion deal.

The Justice Department reached an agreement in principle with Bayer and Monsanto in recent days after the companies agreed to sell more assets, the Wall Street Journal said late on Monday, citing people familiar with the matter.

Under the deal, Bayer agreed to sell additional seed and treatment assets to BASF (BASFn.DE) and agreed to make concessions related to digital agriculture, it said.

Shares of Monsanto, the world’s biggest seed company, approached a four-year high on the news in New York on Monday, before closing up 6.2 percent at $125.15.

Click here for article.