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MON

Monsanto

$122.35

2.44 (2.03%)

, BAYRY

Bayer

$34.55

-0.23 (-0.66%)

11:02
10/13/17
10/13
11:02
10/13/17
11:02

Bayer to sell some units to BASF, paving the way for Monsanto megadeal

Shares of Monsanto (MON) jumped in morning trading after Bayer (BAYRY) agreed to sell parts of its seeds and herbicides businesses to BASF (BASFY), paving the way for the Roundup maker to be acquired by the German conglomerate for $66B. BAYER SELLING UNITS FOR EUR5.9B: Bayer (BAYRY) said in a statement that it has agreed to sell some of its Crop Science businesses to BASF, a German maker of chemicals and crop protection products, for EUR5.9B, or about $7B. The assets to be sold, which generated total sales of EUR1.3B in 2016, include Bayer's global glufosinate-ammonium business and the related LibertyLink technology for herbicide tolerance, essentially all of the company's field crop seeds businesses, as well as respective research and development capabilities. The seeds businesses being sold include the global cotton seed business, excluding India and South Africa, the North American and European canola seed businesses and the soybean seed business. The deal includes the transfer of relevant intellectual property and facilities, as well as more than 1,800 employees primarily in the U.S., Germany, Brazil, Canada and Belgium. "We are taking an active approach to address potential regulatory concerns, with the goal of facilitating a successful close of the Monsanto transaction," Bayer Chairman Werner Baumann said. "At the same time, we are pleased that, in BASF, we have found a strong buyer for our businesses that will continue to serve the needs of growers and offer our employees long-term prospects," Baumann added. The transaction is subject to regulatory approvals as well as the successful closing of Bayer's acquisition of Monsanto, Bayer said. BASF said it expects the deal to close in the first quarter of 2018. WHAT'S NOTABLE: Bayer said it would use the proceeds to partly refinance the acquisition of Monsanto. Bayer previously said it planned to raise $19B toward the deal by issuing convertible bonds and new shares and late last year finalized the syndication of a $57B bridge loan from banks to support the acquisition. The deal still faces scrutiny from antitrust regulators in the U.S. and Europe. In August, the EU opened an in-depth probe into the deal, saying it had concerns that the merger may reduce competition in areas such as pesticides, seeds and traits. The U.S. is also investigating the deal. PRICE ACTION: In late morning trading, Monsanto is up 2% to $122.30. Bayer shares trading in New York are up over 1.5% to $35.10.

MON

Monsanto

$122.35

2.44 (2.03%)

BAYRY

Bayer

$34.55

-0.23 (-0.66%)

BASFY

BASF

$105.70

-0.15 (-0.14%)

  • 08

    Nov

  • 16

    Nov

MON Monsanto
$122.35

2.44 (2.03%)

10/04/17
MACQ
10/04/17
DOWNGRADE
MACQ
Neutral
Monsanto downgraded to Neutral from Outperform at Macquarie
09/05/17
BERN
09/05/17
NO CHANGE
BERN
Bernstein still sees 'very high' probability of Bayer, Monsanto deal approval
Bernstein analyst Jeremy Redenius notes that the European Commission has opened an in-depth review of the Bayer (BAYRY)/Monsanto (MON) deal due to concerns of reduced competition in pesticides, seeds, and traits. The analyst believes this is not surprising, as the in-depth review is the norm for deals of this size. Comparing the EC's initial concerns with those of the Dow/DuPont (DWDP) deal, he still sees a "very high" probability of deal approval.
08/18/17
UBSW
08/18/17
DOWNGRADE
Target $128
UBSW
Neutral
Monsanto downgraded to Neutral from Buy at UBS
UBS analyst John Roberts downgraded Monsanto (MON) to Neutral saying the shares are now less than 10% away from the accepted Bayer (BAYRY) offer of $128. The analyst calculates that the market is currently pricing in a 70% chance of the deal going through. His view that the deal could be approved remains unchanged. Approvals of peer deals suggest antitrust approval likely for Monsanto, Roberts tells investors in a research note. The analyst keeps a $128 price target for Monsanto shares.
07/12/17
07/12/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Monsanto (MON) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander saying Bayer's (BAYRY) all-cash offer appears on track for year-end. The analyst views the deal failing as a "low-probability scenario" and keeps a $128 price target for the shares. 2. Freeport McMoRan (FCX) downgraded to Sell from Hold at Berenberg. 3. Kimberly-Clark (KMB) downgraded to Sell from Neutral at UBS with analyst Stephen Powers saying the stock's 11% rise year-to-date is not based on fundamentals but news flow of consolidation in the Household Products sector. 4. Harley-Davidson (HOG) downgraded to Market Perform from Outperform at Bernstein with analyst David Beckel citing his belief that "demographic shifts and a stagnating economy" will prevent demand for the company's motorcycles from growing in the U.S. for the next five years. 5. IMAX (IMAX) downgraded to Market Perform from Outperform at Barrington with analyst James Goss saying positive catalysts "might take some time to develop." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BAYRY Bayer
$34.55

-0.23 (-0.66%)

10/03/17
RHCO
10/03/17
NO CHANGE
RHCO
TG Therapeutics has positive read through from Bayer approval, says SunTrust
SunTrust analyst Yatin Suneja believes that the FDA's decision to grant accelerated approval to Bayer's (BAYRY) Aliqopa, a PI3K-delta inhibitor, as a treatment for Relapsed/Refractory Follicular Lymphoma, bodes well for TG Therapeutics' (TGTX) own PI3K-delta inhibitor, TGR-120. The analyst says that the lack of a black box warning on Bayer's Aliqopa shows that not all PI3K-delta inhibitors have the safety issues that have been attributed to them in the past. Suneja says that "Aliqopa's approval reflects positively on TGR-1202, which offers best-in-class safety , and provides clarity on TGR-1202's regulatory pathway in" lymphoma The analyst says that investors are "overlooking" its potential in " lymphoma, and keeps a Buy rating on the shares.
09/18/17
JEFF
09/18/17
NO CHANGE
JEFF
AbbVie remains top global Pharma pick at Jefferies
Jefferies analyst Jeffrey Holford says AbbVie (ABBV) remains his top global pick in Pharmaceuticals, followed by Bayer (BAYRY). In the U.S., the analyst lists Zoetis (ZTS), Bristol-Myers Squibb (BMY) and Eli Lilly (LLY) as his top picks behind AbbVie. Merck (MRK) and Novo Nordisk (NVO) are the analyst's least preferred stocks. Holford cut his price target for Underperform-rated Merck to $52 from $55 and raised his price target for Buy-rated Zoetis to $77 from $74.
BASFY BASF
$105.70

-0.15 (-0.14%)

02/13/17
EVER
02/13/17
INITIATION
EVER
Buy
BASF initiated with a Buy at Evercore ISI
Evercore ISI analyst Laurent Favre initiated BASF with a Buy rating and a EUR100 price target.
01/19/17
JPMS
01/19/17
UPGRADE
JPMS
Overweight
BASF upgraded to Overweight from Underweight at JPMorgan
JPMorgan analyst Martin Evans yesterday double upgraded BASF to Overweight from Underweight saying he's turning more positive on European Chemicals.

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