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UPDATE 1-BASF to buy seeds, herbicide businesses from Bayer for $7 bln

From Reuters - October 12, 2017

FRANKFURT (Reuters) - BASF has agreed to buy significant parts of Bayers seed and non-selective herbicide businesses for 5.9 billion euros ($7 billion) in cash, the two companies said on Friday.

BASF, the worlds third-largest maker of crop chemicals, has so far avoided seed assets and instead pursued research into plant characteristics such as drought tolerance, which it sells or licenses out to seed breeders.

But Bayers $66 billion deal to buy Monsanto has created opportunities for rivals to snatch up assets it must sell to satisfy competition authorities.

With this investment, we are seizing the opportunity to acquire highly attractive assets in key row crops and markets, BASF Chief Executive Kurt Bock said in a statement.

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