Crop chemical giant Monsanto's (MON) stock surged on a report that the Justice Department will approve the proposed $66 billion Bayer (BAYRY) takeover of the farming biotech leader.
XThe companies have promised to sell off additional assets to secure antitrust approval, sources told the Wall Street Journal.
Bayer Chief Executive Werner Baumann and Monsanto CEO Hugh Grant reportedly met with DOJ officials recently.
The European Union OK'd the merger late last month.
Monsanto, known for its Round Up herbicide and genetically modified seeds, soared 6.2% to 125.15 on the stock market today. German drug and chemical giant Bayer rallied 2.5% to 29.37.
Clearing Hurdles
Stock in St. Louis-based Monsanto tumbled last month as DOJ antitrust officials feared that a Bayer-Monsanto merger would hurt competition.
Bayer's $66 billion takeover of Monsanto is part of a wave of consolidation that has swept seed and crop-chemical firms.
The companies are seeking approval from U.S. and European officials after two previous deals won antitrust clearance. That includes the Dow Chemical and DuPont merger into DowDuPont (DWDP) and China National Chemical Corp.'s takeover of Syngenta.
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