Bayer, a global company that researches human, animal, and plant health, has committed to selling part of its company to the German chemical company BASF.

In an official statement by Bayer, it's said that the assets to be sold to BASF include some of Bayer’s field crop seeds businesses such as Fibermax, which helped generate net sales of about 1.3 billion euros in 2016, or about 1.5 billion in U.S. dollars.

The transaction is subject to regulatory approvals as well as the successful closing of Bayer’s acquisition of Monsanto, which is expected by early 2018.

“We are taking an active approach to address potential regulatory concerns, with the goal of facilitating a successful close of the Monsanto transaction,” explained Werner Baumann, Chairman of the Board of Management of Bayer AG.

As part of the agreement, BASF has committed to maintain all permanent positions for at least three years after closing of the transaction. Bayer will continue to own, operate and maintain these businesses until the closing of this divestiture.

“With this acquisition, we are seizing the opportunity to purchase highly attractive assets in key row crops and markets . . . These businesses are an excellent match for BASF Group’s portfolio,” said Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE.

More From News/Talk 95.1 & 790 KFYO