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Arbitration ruling over BASF claims is imminent: Bayer
Frankfurt: Bayer'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.
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.
Read also: Bayer to sell Nebido to Grünenthal for over Rs 4051 crore
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751