China’s commerce ministry on Tuesday gave conditional approval to Bayer’s acquisition of Creve Coeur-based Monsanto, the world’s largest seed company. The decision marks another step in the companies’ continuing effort to win approval from regulatory bodies across the globe.
The tie-up has secured approval from Brazil, and Reuters recently reported the deal was nearing EU approval. Bayer said the approval process in the U.S. is lagging behind the EU.
The Chinese regulators ordered Bayer, the German pharmaceutical and chemical maker, to spin off some of its businesses, including vegetable seeds, corn, soybean, cotton and herbicide.
Bayer already has said it will divest certain seed and herbicide assets, for about $7.27 billion, to BASF to appease EU regulators.
Read more: St. Louis Post-Dispatch