MOSCOW, Apr 20 (PRIME) -- The Federal Antimonopoly Service has approved a U.S. $66 billion merger of German chemical and pharmaceutical company Bayer and U.S. Monsanto, the companies agreed to transfer their technologies to Russia, the service’s Director Igor Artemyev said in a news conference on Friday.
“The large deal of Bayer’s acquisition of Monsanto company has been finished in the Russian jurisdiction, the antimonopoly authority has issued its approval of the deal,” Artemyev said.
The merger was agreed in 2016. In November 2017, the service said the deal may lead to domination of the new company on all the relevant Russian markets and creation of high entry barriers for others. The service set some stipulations for the deal, including a requirement to share their technologies for selection and digital agriculture. Bayer disagreed with the decision and sued the service in February 2018, but engaged in consultations with the authority.
“They will transfer modern technologies on which they have worked for decades,” Artemyev said.
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