Bayer AG (BAYN.XE) on Tuesday said that it submitted an application on Monday to extend the European Commission review deadline for its planned acquisition of Monsanto (MON) and that it now expects the deal to close in early 2018.
In late June, Bayer filed a submission to obtain antitrust approval for the deal from the European Commission. The European Commission initiated an in-depth investigation into the deal on Aug. 22. Bayer's application on Monday requested a ten-working-day extension of the review deadline to Jan. 22, 2018.
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Bayer said that it requested the extension in order to facilitate "an appropriate evaluation given the size of the transaction."
"In view of this, an anticipated closing of the deal in early 2018 is now more likely than end of 2017," said Liam Condon, president of the crop-science division.
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(END) Dow Jones Newswires
September 19, 2017 04:59 ET (08:59 GMT)