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HomeStockBayer says arbitration ruling over BASF claims is imminent By Reuters

Bayer says arbitration ruling over BASF claims is imminent By Reuters

© Reuters. FILE PHOTO: Werner Baumann, CEO of Bayer AG, addresses the German drugmaker’s annual outcomes information convention in Leverkusen, Germany, February 27, 2020. REUTERS/Wolfgang Rattay/File Picture

FRANKFURT (Reuters) – Bayer (OTC:)’s chief government stated an arbitration courtroom would quickly resolve on claims introduced by rival BASF, saying it overpaid for belongings that Bayer bought to safe antitrust clearance for the takeover of Monsanto (NYSE:).

Bayer CEO Werner Baumann instructed analysts in a name on Thursday that the ruling was anticipated “shortly” and that there was hardly any potential to hunt recourse ought to Bayer disagree with the decision.

BASF in 2019 took Bayer to a beforehand agreed arbitration courtroom, claiming that Bayer had not absolutely disclosed personnel prices when it negotiated the sale of two belongings bundles.

To safe the eventual antitrust clearance for Bayer’s 2018 takeover of Monsanto, Bayer in 2017 agreed to promote sure seed and herbicide belongings for five.9 billion euros ($6.02 billion) to BASF, adopted by the sale of its international vegetable seeds enterprise, sure seed remedies and digital farming actions for as much as 1.7 billion euros.

($1 = 0.9807 euros)



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