The brand of Bayer AG is pictured on the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, April 27, 2020. REUTERS/Wolfgang Rattay/File Photograph
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BERLIN, Aug 12 (Reuters) – Bayer (BAYGn.DE) on Friday welcomed a call by an arbitration courtroom to dismiss a declare by BASF (BASFn.DE) that it overpaid for property bought by Bayer to safe antitrust clearance for the takeover of Monsanto.
“Bayer offered ample data on the associated fee construction of the seeds companies acquired by BASF in August 2018 and didn’t breach any contractual obligations. This has now additionally been confirmed by the arbitral tribunal,” Bayer mentioned.
BASF mentioned it was dissatisfied that the arbitral tribunal didn’t observe its arguments.
BASF in 2019 took Bayer to an arbitration courtroom, claiming that Bayer had not absolutely disclosed personnel prices when it negotiated the sale of two property bundles.
To safe the eventual antitrust clearance for Bayer’s 2018 takeover of Monsanto, Bayer in 2017 agreed to promote sure seed and herbicide property for five.9 billion euros ($6.02 billion) to BASF, adopted by the sale of its international vegetable seeds enterprise, sure seed therapies and digital farming actions for as much as 1.7 billion euros.
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Reporting by Kirsti Knolle, enhancing by Rachel Extra
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