BASF Monitoring Agrochemical Deals for Potential Opportunities
06 September 2016 - 11:40AM
Dow Jones News
LUDWIGSHAFEN, Germany—German chemicals group BASF SE is
monitoring antitrust concerns over planned tie-ups in the global
agrochemical industry for potential acquisitions, the head of the
company's crop protection business said Tuesday.
"We are looking at antitrust issues to see if we can help,"
Markus Heldt, president of BASF's agricultural division, said of
ongoing mergers and acquisition plans in the sector. Competition
authorities could require companies to sell some assets to win
approval for their deals.
Mr. Heldt's comments to reporters came shortly after German
rival Bayer AG raised its offer to buy Monsanto Co. in a deal that
could value the U.S. company at over $65 billion including
debt.
That potential deal, which has been in the works since May, is
the latest in a wave of consolidation in the industry amid a slide
in global crop prices.
Dow Chemical Co. and DuPont Co. last year announced a merger
that the companies—together valued at roughly $103 billion—said
would ultimately create one of the world's largest agrochemical
firms.
Earlier this year, Chinese state-owned China National Chemical
Corp. announced a $43 billion cash deal to acquire Syngenta AG,
after a failed attempt by Monsanto to buy the Swiss agrochemicals
group.
BASF's Mr. Heldt said that any acquisitions would have to make
"strategic and financial sense" and fit into the company's existing
portfolio. He said BASF was also evaluating "bolt-on" acquisitions
in the agrochemical sphere.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
September 06, 2016 05:25 ET (09:25 GMT)
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