The European Union cleared Bayer AG's 6.4 billion purchase of Aventis SA's agrochemical unit pending "substantial divestitures" by Bayer. (At Closing News).

The European Union cleared Bayer AG's 6.4 billion purchase of Aventis SA's agrochemical unit pending "substantial divestitures" by Bayer. The commission said the most important concession was Bayer's agreement to sell to a single purchaser a group of Aventis insecticides and fungicides including Fipronil. Bayer also promised to sell Acetamiprid, which the commission described as a "promising insecticide in a new chemistry class ... where Bayer has by far the strongest portfolio." Bayer also agreed to divest or grant Europe-wide licenses for several pesticides. Bayer said the list of businesses it plans to sell involves total product sales of 540 million, or 9 percent of the combined business in 2000.