German chemical firm BASF SE (BASFY) and Swiss agrochemical company Syngenta (SYT) have submitted preliminary bids for assets that Bayer (BAYRY) intends to sell with the aim of getting regulatory approval for its $66 billion takeover of seeds giant Monsanto (MON) , according to Bloomberg.
Both companies have expressed preliminary interest in procuring the businesses, which include canola, cottonseeds, the LibertyLink herbicide-resistant trait, and its glufosinate weed killer.
Bayer could sell garlic and pepper seed units separately, or as part of the whole package, the report said.
In total, the two sales could be worth between $2.5 billion and $3 billion.
Executives at BASF and Syngenta have said in the past that they would consider bidding for the assets that Bayer's selling to complete the merger with Monsanto this year.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SA) P , Infineon Technologies AG (IFNNY) and ASML NV (ASML) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL) on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.
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