Bayer announced another country has given its approval of the company’s purchase of Monsanto.
A Dow Jones report says Russia has given conditional approval of Bayer’s $57 billion acquisition of Monsanto if the German company agrees to transfer certain technologies to Russian recipients. Under the approval terms, Bayer agreed to transfer molecular breeding assets in several crops for a period of five years.
The company didn’t specify who the Russian recipients of the transfer would be. Bayer says it’s agreed to grant non-discriminatory access to digital-farming technologies after the products have been launched in Russia. The approval means Bayer is one step closer to achieving its goal of acquiring Monsanto, first announced in 2016. Bayer still plans on closing out the process in the second quarter of this year.
Bayer received conditional approval from the European Commission in March and still awaits approval from the U.S. Department of Justice.