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Current Position:Home » News » General News » Topic

BASF acquires additional seed and crop protection businesses and Bayer assets

Zoom in font  Zoom out font Published: 2018-08-21  Views: 159
Core Tip: In addition to the October 2017 agreement, BASF has now signed an agreement to acquire additional businesses and assets that Bayer has offered for sale in connection with the proposed acquisition of Monsanto.
 In addition to the October 2017 agreement, BASF has now signed an agreement to acquire additional businesses and assets that Bayer has offered for sale in connection with the proposed acquisition of Monsanto. The extended scope includes:

1、Bayer's entire vegetable seed business, which is globally marketed under the Nunhems® brand
2、the seed treatment products marketed under the Poncho®, VOTiVO®, COPeO® and ILeVO® brands
3、the research platform for wheat hybrids
4、the complete, state-of-the-art digital farming platform xarvioTM

The transaction also includes the rape seed business in Australia, certain glyphosate-based herbicides in Europe that are used primarily in the industrial sector, research on canola grade Juncea (Indian mustard) and certain non-selective herbicide and research projects nematicides.

The purchase price for the other businesses and assets is €1.7 billion, subject to certain adjustments to complete the transaction. The turnover of these businesses in 2017 was around €745 million.

This purchase complements the agreement signed by BASF and Bayer on October 13, 2017. Bayer acquires Bayer's global non-selective glufosinate-based herbicide business, seed businesses for key crops in selected markets, trait research and breeding capabilities for these crops, and the LibertyLink® Trait and brand. In 2017, these businesses generated sales of €1.5 billion. The purchase price of this previously agreed transaction is €5.9 billion, subject to certain adjustments to complete the transaction.

Both transactions, with total sales of €2.2 billion in 2017 and €2.0 billion in 2016, will complement BASF's crop protection business and biotechnology activities, bringing new capabilities and opportunities for growth and innovation. The purchase price of the entire acquisition is €7.6 billion in cash, subject to certain adjustments to complete the transaction. Together, the businesses generated EBITDA of €550 million in 2016 (adjusted pro forma basis).

"Through this acquisition, BASF will become an even better partner for farmers. With it, we are strengthening our crop protection portfolio and we are investing in key agricultural markets in our own seed business. The expanded scope allows us to grow even faster and expand the growth base in all regions," said Dr. Kurt Bock, Chairman of the Executive Board of BASF SE.

"This is another important milestone for the future of BASF in agriculture. We are looking forward to having the new colleagues on the team and to working together with them on our future growth, "says Saori Dubourg, Member of the Board of Executive Directors of BASF SE and responsible for the Agricultural Solutions segment. "Our customers will benefit from a balanced and highly innovative offering that gives them a real choice and helps them to successfully develop their business," adds Dubourg.

"With our expanded portfolio in the fields of seeds and traits, chemical and biological crop protection, soil and plant health and digital agricultural applications, we will have even more tools to support farmers," explains Markus Heldt, head of BASF's Crop Protection division. "When these transactions are completed, we will have more than 12,000 experienced agricultural employees. They will combine innovative thinking with practical action to help our customers increase their yields, crop quality and profitability."

All transactions are subject to the closing of Monsanto's acquisition by Bayer, which is expected in the second quarter of 2018. The acquisition of Bayer's assets and assets held for sale by Bayer as part of the proposed Monsanto acquisition is still subject to approval by the relevant merger control authorities.

Source: BASF
 
 
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