U.S. regulators will allow Bayer, the German chemical and pharmaceutical maker, to acquire Monsanto, the Creve Coeur-based seed company, the Wall Street Journal reported Monday. Regulators were said to grant approval of the $66 billion deal after the companies agreed to sell off more assets, addressing antitrust concerns.
Prior to Monday, the tie-up had received approval in about two-thirds of the jurisdictions needed. The U.S., Russia and India remained. The deal, part of a larger wave of consolidation across the agribusiness industry, would give the combined company more than a quarter of the world’s seed and pesticide market.
The news sent Bayer and Monsanto shares soaring. Monsanto shares approached a four-year high before closing the day up 6.2 percent.