The global merger of Bayer CropScience and Monsanto cannot happen unless the Competition Commission of India (CCI) approves their merger in India, according to a top official of Bayer in India.
Richard van der Merwe, Vice-chairman and Managing Director of Bayer CropScience India told reporters here that the rule of approval by CCI applies to all mergers and is not specific to the Bayer-Monsanto deal. He expects the CCI to give the green light by May this year.
Van der Merwe said that if the global merger is brought about without CCI approval, the commission could impose a penalty of one per cent of turnover or assets of the combined entity, whichever is higher. The merged entity needs to seek approvals from 30 jurisdictions, of which it has obtained consent from 14.