Bayer AG signaled that its $66 billion takeover of Monsanto Co. may face delays, with regulators pressing for more information, even as it reiterated plans to complete the transaction by the end of the year.
The German drugmaker will only seek approval for the transaction in the European Union next quarter after regulators there requested more information, CEO Werner Baumann said at a meeting in Leverkusen, Germany, on Wednesday. The target timing was previously the first quarter. The company is also responding to a second request from the U.S. Department of Justice, he said.
Bayer shares fell as much as 3.9 percent on concern about setbacks. The German company aims to pull off the biggest, most transformative deal of its 152-year history in 2017 as it attempts to meld its own pesticides with Monsanto’s seeds and herbicides. It must also refinance much of a $57 billion bridge loan.
Bayer, which reported earnings Wednesday, also said it’s filed to win approval for the Monsanto transaction from the Committee on Foreign Investment in the U.S.
Read more: Bloomberg