Competition Bureau reaches agreement with German chemical company BASF
OTTAWA, June 27, 2018 /CNW/ - The Competition Bureau announced today that it has reached an agreement with BASF SE (BASF) in connection with its proposed purchase of assets that Bayer AG (Bayer) must sell following its recent acquisition of the Monsanto Company.
The Commissioner of Competition concluded that BASF's acquisition of the Bayer assets would likely have substantially lessened or prevented competition in the supply of canola seeds and traits in Canada due to BASF's pre-existing position in that market.
To address those concerns, BASF has agreed to sell its Clearfield Production System for Canola and supporting assets to a buyer acceptable to the Commissioner.
For more information, consult our comprehensive position statement.
Quick Facts
- On October 13, 2017, BASF entered into agreements with Bayer to acquire certain assets that Bayer would be required to sell in conjunction with its acquisition of Monsanto.
- BASF is a publicly-traded company engaged in the production and sale of a wide range of products, including chemicals and agricultural solutions for crop protection. It is headquartered in Ludwigshafen, Germany.
- Bayer is a global pharmaceutical, consumer health, animal health and crop protection science company headquartered in Leverkusen, Germany.
- BASF's Clearfield Production System for Canola is a non-genetically modified weed control system used by leading canola seed companies in Canada.
Quotes
"The canola industry contributes over $26 billion per year to the Canadian economy, making it one of our most essential agricultural assets. Today's agreement with BASF is necessary to protect competition and innovation in this important industry following Bayer's recent acquisition of Monsanto."
-Matthew Boswell, Interim Commissioner of Competition
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SOURCE Competition Bureau
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