Bayer CEO Expects EU Nod for Monsanto Deal After Extended Probe
- Baumann says in-depth probe due to deal’s size and complexity
- CEO says ‘no reason to doubt’ plan to close deal by year-end
Bayer CEO Confident of Reaching Adjusted Guidance
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Bayer AG’s Chief Executive Officer said he expects its $66 billion combination with Monsanto Co. to close by the end of the year despite conceding that the deal faces an in-depth European Union investigation given its size and complexity.
Werner Baumann told investors Thursday “there’s absolutely no reason to doubt” the companies can close the deal by the end of the year even if the European Commission opens a so-called phase II in-depth review, which would push back the current Aug. 7 deadline for the EU to rule on the deal by about four months. “There’s still a half a year left,” he said.