Baumann also said the acquisition would “fit perfectly” into Bayer’s strategy and would add “long-term value” to the German company. Bayer and Monsanto plan to wrap up the transaction worth $66 billion (51.14 billion pounds) by the end of 2017, hoping to secure European antitrust approval during the second quarter. Despite the controversy surrounding the deal, a wide majority of both companies’ shareholders approved the tie-up last year. Bayer has funded the transaction by issuing $19 billion worth of convertible bonds and new shares, and said banks had also committed to providing $57 billion of bridge financing. Therefore, the transaction includes a $2-billion break-up fee that Bayer will pay to Monsanto should it fail to get regulatory clearance.

Source: Daily News Egypt April 29, 2017 01:18 UTC