Bayer AG (BAYRY) submitted commitments to ease competition concerns to the European Commission in the hopes it can avoid a lengthy review process associated with its $66 billion takeover of agrochemicals group Monsanto (MON) , Reuters reported.
The Commission extended the deadline for its initial review of the German chemical maker's deal, hoping to complete it by August 22. Bayer expects the deal with Monsanto to close by the end of the year.
Bayer has already agreed to major asset sales to get the greenlight from competition regulators. The company didn't say what it offered in the latest concessions.
The sector has seen significant concessions from companies looking to win competition approval for deals, including commitments made in Dow Chemical (DOW) and DuPont's (DD) merger and ChemChina's purchase of Syngenta (SYT) . Both deals were subject to full-scale probes.
Bayer and Monsanto stocks traded slightly up midday.
More of What's Trending on TheStreet: