EU probes Bayer's planned buyout of Monsanto

The Associated Press</span>
Published Tuesday, August 22, 2017 9:24AM EDT
Last Updated Tuesday, August 22, 2017 9:25AM EDT

BRUSSELS -- The European Union's anti-trust watchdog has launched a probe into German chemical maker Bayer's planned buyout of U.S. seed and weed-killer company Monsanto.

The European Commission, which polices competition in Europe, said Tuesday it has concerns that the merger may reduce competition in areas like pesticides and seeds.

Competition Commissioner Margrethe Vestager said the EU needs "to ensure effective competition so that farmers can have access to innovative products, better quality and also purchase products at competitive prices."

Were it to go ahead, the buyout would create the world's largest integrated pesticides and seeds company.

The Commission says it will also look into whether the move would hinder the access of competitors to distributors and farmers.

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