BASF SE and Syngenta AG are among companies that have submitted preliminary bids for assets that Bayer AG plans to sell in order to get regulatory approval for its $66 billion takeover of seed giant Monsanto Co., according to people familiar with the matter.
The two companies have expressed preliminary interest in acquiring the businesses, which include canola, cottonseeds, the LibertyLink herbicide-resistant trait and its glufosinate weed killer, the people said, asking not to be identified because the deliberations are private. Bayer may also sell garlic and pepper seed operations separately or as part of the whole package, the people said. In total, the disposals may fetch $2.5 billion to $3 billion, they said.
Executives at BASF and Syngenta have previously said that they would look into bidding for the assets that Bayer’s selling in order to complete the merger with Monsanto this year. Discussions are at an early stage and the disposals may still take a few more months to complete, the people said. No final decisions have been made and the companies could still decide against proceeding with offers, they said.
Representatives for BASF, Syngenta and Bayer declined to comment.
Read more: Bloomberg