WORKING MEETING OF MR. ARTEMIEV WITH BAYER AG MANAGEMENT

14-03-2018 | 16:15

On March 12, 2018, Head of FAS Russia, Mr. Artemiev, had a working meeting with Bayer AG management, during which draft commitments of the Company within the frameworks of consideration of the transaction of Bayer AG on acquisition of 100% of the voting shares of Monsanto Company were discussed. Monsanto Company representatives took part in the meeting as well.

The specified commitments concern commitments in the sphere of breeding and digital agriculture.

Mr. Artemiev mentioned that the proposed commitments meet the purpose of protection of competition in the relevant markets of the Russian Federation and might serve as a good basis for further negotiation process.

During the discussion of the commitments, Head of FAS Russia emphasized the important role of the Center for the techtransfer, which is represented by HSE, in monitoring of fulfillment of obligations by Bayer AG.

"This monitoring mechanism is an innovation in enforcement of FAS Russia, but is expected to be widely used in high-tech markets in future", said Mr. Artemiev.

Mr. Artemiev also expressed his willingness to make every effort to complete the consideration of the transaction, taking into account the terms of its closing determined by the parties to the transaction.

During the course of the meeting, the Parties determined further steps on the negotiation process taking into account matters of procedure.