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Monsanto deal prompts Bayer to sell pieces of unit with big KC presence

Friday, October 13, 2017   (0 Comments)
Posted by: KCBJ
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Bayer AG has a deal to sell off parts of a division to rival BASF SE to help partially refinance its $57 billion purchase of St. Louis-based Monsanto Co. and to calm regulators concerned about antitrust issues in the U.S. and the European Union.

The Wall Street Journal reports that Germany-based Bayer plans to sell its Crop Science division for $6.98 billion. Together, Bayer’s and Monsanto’s control of the market could put pressure on farmers that already face low crop prices, EU regulators have said.

Bayer reports employing 500 people at its Crop Science facility in Kansas City; the German conglomerate employs 1,300 overall in the metro area, according to the Top Area Private-Sector Employers List, on which Bayer’s operations rank No. 29. Bayer said BASF has committed to keeping all permanent positions for at least three years; a total of 1,800 Bayer employees will make the move to BASF.
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From Kansas City Business Journal