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Bayer says arbitration ruling over BASF claims is imminent

Stock Markets Aug 04, 2022 16:51
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© Reuters. FILE PHOTO: Werner Baumann, CEO of Bayer AG, addresses the German drugmaker's annual results news conference in Leverkusen, Germany, February 27, 2020. REUTERS/Wolfgang Rattay/File Photo
 
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FRANKFURT (Reuters) - Bayer (ETR:BAYGN)'s chief executive said an arbitration court would soon decide on claims brought by rival BASF, saying it overpaid for assets that Bayer sold to secure antitrust clearance for the takeover of Monsanto (NYSE:MON).

Bayer CEO Werner Baumann told analysts in a call on Thursday that the ruling was expected "shortly" and that there was hardly any potential to seek recourse should Bayer disagree with the verdict.

BASF in 2019 took Bayer to a previously agreed arbitration court, claiming that Bayer had not fully disclosed personnel costs when it negotiated the sale of two assets bundles.

To secure the eventual antitrust clearance for Bayer's 2018 takeover of Monsanto, Bayer in 2017 agreed to sell certain seed and herbicide assets for 5.9 billion euros ($6.02 billion) to BASF, followed by the sale of its global vegetable seeds business, certain seed treatments and digital farming activities for up to 1.7 billion euros.

($1 = 0.9807 euros)

Bayer says arbitration ruling over BASF claims is imminent
 

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