| Announcement of the Ministry of Commerce | | 商务部公告 |
| (No. 31 [2018]) | | （2018年第31号） |
| Announcement on Anti-monopoly Review Decision concerning the Conditional Approval of Concentration of Undertakings in the Case of Acquisition of Equity Interests of Monsanto Company by Bayer Aktiengesellschaft Kwa Investment Co. | | 关于附加限制性条件批准拜耳股份公司收购孟山都公司股权案经营者集中反垄断审查决定的公告 |
| Ministry of Commerce of the People's Republic of China (hereinafter referred to as the “Ministry of Commerce”) received the anti-monopoly declaration of the concentration of undertakings on the case of the acquisition of the equity interests in Monsanto Company (hereinafter referred to as “Monsanto”) by Bayer Aktiengesellschaft Kwa Investment Co. (hereinafter referred to as “Bayer”) (hereinafter referred to as the “Case”). Upon review, the Ministry of Commerce decided to approve the concentration of undertakings with additional restrictive conditions. In accordance with Article 30 of the Anti-monopoly Law of the People's Republic of China (hereinafter referred to as the “Anti-monopoly Law”), relevant matters are hereby announced as follows: | | 中华人民共和国商务部（以下简称商务部）收到拜耳股份公司（BAYER AKTIENGESELLSCHAFT，KWA INVESTMENTCO.，以下简称拜耳）收购孟山都公司（MonsantoCompany，以下简称孟山都）案（以下简称本案）的经营者集中反垄断申报。经审查，商务部决定附加限制性条件批准此项经营者集中。根据《中华人民共和国反垄断法》（以下简称《反垄断法》）第三十条，现公告如下： |
| I. Case-filing and review procedures | | 一、立案和审查程序 |
| On December 5, 2016, the Ministry of Commerce received the anti-monopoly declaration for the concentration of undertakings concerning the Case. Upon review, the Ministry of Commerce considered that, the documents for declaration were incomplete and required the declarer to supplement. On January 25, 2017, the declarer withdrew the declaration due to replacement of the agent. On February 9, 2017, the declarer made another declaration. On February 24, 2017, the Ministry of Commerce confirmed that the supplemented documents for declaration complied with Article 23 of the Anti-monopoly Law, and therefore the anti-monopoly declaration for the concentration of undertakings was admitted to be filed, and a preliminary investigation was launched. On April 13, 2017, the Ministry of Commerce decided to further review the concentration of undertakings. On July 11, 2017, with the consent of the declarer, the Ministry of Commerce decided to extend the further review. On September 8, 2017, on the expiry of such further review, the declarer applied to withdraw the Case and obtained the consent from the Ministry of Commerce. On September 19, 2017, the Ministry of Commerce reviewed the re-declaration submitted by the declarer for case-filing. The Ministry of Commerce believed that, the concentration had or might have adverse effects of eliminating and restricting competitions on Chinese market of non-selective herbicide, Chinese markets of vegetable seeds such as long-day onion seeds, carrot seeds under cutting process for sales and large-fruit tomato seeds, global markets of corns, soybeans, cotton, oilseed rape traits and digital agricultural market. At present, the Case is in the extended period of further review, and the deadline is March 15, 2018. | | 2016年12月5日，商务部收到本案经营者集中反垄断申报。经审核，商务部认为该申报材料不完备，要求申报方予以补充。2017年1月25日，申报方因更换代理人撤回申报。2017年2月9日，申报方重新申报。2017年2月24日，商务部确认经补充的申报材料符合《反垄断法》第二十三条规定，对此项经营者集中申报予以立案并开始初步审查。2017年4月13日，商务部决定对此项经营者集中实施进一步审查。2017年7月11日，经申报方同意，商务部决定延长进一步审查期限。2017年9月8日，进一步审查延长阶段届满时，申报方申请撤回案件并得到商务部同意。2017年9月19日，商务部对申报方的再次申报予以立案审查。商务部认为，此项集中对中国非选择性除草剂市场，中国长日照洋葱种子、经切削加工销售胡萝卜种子、大果番茄种子等蔬菜种子市场，全球玉米、大豆、棉花、油菜性状市场及数字农业市场，具有或可能具有排除、限制竞争效果。目前，本案处于进一步审查延长阶段，截止日期为2018年3月15日。 |
| In the course of the review, the Ministry of Commerce solicited opinions from relevant government departments, trade associations, downstream customers and industrial experts, understood relevant market definition, market structure, market participants and industry characteristics by holding seminars several times, and reviewed the authenticity, completeness and accuracy of the documents and materials submitted by the declarer. | | 在审查过程中，商务部征求了有关政府部门、行业协会、下游客户及行业专家意见，多次召开座谈会了解相关市场界定、市场参与者、市场结构、行业特征等方面信息，并对申报方提交的文件、材料真实性、完整性和准确性进行了审核。 |
| II. General information of the Case | | 二、案件基本情况 |
| The acquirer: Bayer. The Company, which was established in Germany in 1863 and listed in Germany and Spain, is mainly engaged in business of multiple fields covering medicine, consumer health and crop science. | | 收购方：拜耳。该公司于1863年在德国设立，在德国和西班牙多地上市，主要业务领域包括药品、消费者健康和农作物科学等。 |
| The acquiree: Monsanto. The Company, which was established in the U.S. in 2000 and could be traced back to as early as 1901, is mainly engaged in production and sales of seeds, transgenic traits and crop protection products. | | 被收购方：孟山都。该公司于2000年在美国设立，成立时间最早可追溯至1901年，主要业务包括生产和销售种子、转基因性状、作物保护产品等。 |
| According to the transaction agreement, Bayer intends to acquire all the equity interests in Monsanto at a price of USD 128 per share. Upon the consummation of the concentration, Monsanto will become a wholly-owned subsidiary of Bayer. | | 根据交易协议，拜耳拟以每股128美元收购孟山都全部股权。集中完成后，孟山都成为拜耳的全资子公司。 |
| III. Relevant markets | | 三、相关市场 |
| (I) Relevant commodity markets. | | （一）相关商品市场。 |
| Bayer and Monsanto are laterally overlapped in 12 commodity markets including non-selective herbicides, cabbage seeds, cucumber seeds, pepper seeds, carrot seeds under cutting process for sales, long-day onion seeds, large-fruit tomato seeds, corn traits, soybean traits, cotton trait, oilseed rape traits and digital agriculture, and vertically connected in 3 commodity markets including sterilizing coating agents for corn seeds, insecticide coating agents for corn seeds and hybrid corn seeds. | | 拜耳和孟山都在非选择性除草剂、甘蓝种子、黄瓜种子、辣椒种子、经切削加工销售胡萝卜种子、长日照洋葱种子、大果番茄种子、玉米性状、大豆性状、棉花性状、油菜性状、数字农业等12个商品市场存在横向重叠。在玉米种子杀菌包衣剂、玉米种子杀虫包衣剂和杂交玉米种子等3个商品市场存在纵向关系。 |
| 1. The non-selective herbicide is a kind of herbicide that does not distinguish weeds and crops, corresponding to selective herbicides specifically against certain weeds that can protect crops. Glyphosate and glufosinate are two main non-selective herbicides in the world, which have basically the same purposes, fields of application, targeted weeds and main customers. Therefore, non-selective herbicides constitute an independent relevant commodity market. | | 1．非选择性除草剂是不区分杂草和作物的除草剂，与专门针对特定杂草且能保护作物的选择性除草剂相对应。草甘膦和草铵膦是全球最主要的两种非选择性除草剂，二者主要用途、应用领域、靶向杂草、主要客户等基本一致，因此非选择性除草剂构成单独相关商品市场。 |
| 2. Vegetable seeds can be divided into normal seeds, hybrid seeds and transgenic seeds. The transaction only involves hybrid seeds. The hybrid seeds of different crops constitute independent relevant commodity markets, respectively. And meanwhile, some vegetable seeds can be further segmented in terms of planting environment and product characteristics. | | 2．蔬菜种子可分为常规种子、杂交种子和转基因种子，本交易只涉及杂交种子，不同作物的杂交种子分别构成单独相关商品市场。同时，部分蔬菜种子还可按种植环境、产品特性等进一步细分。 |
| 3. The sterilizing coating agent for corn seeds is a kind of germicide that can be used for pre-treatment of corn seeds before planting, to prevent the seeds from fungus damages. The specific form of the product is seed wrapped with sterilizing agents, which will be gradually released along with the growth of the seeds so as to extend the validity of the agent. The sterilizing coating agent, which is produced specifically for corn seeds, is remarkably distinguished from other germicides in terms of effective constituents, main purposes, mode of action, and thus constitutes an independent relevant commodity market. | | 3．玉米种子杀菌包衣剂是一种杀菌剂，用于在种植前对玉米种子进行预处理，起到防止菌害的作用，具体产品形式为在种子外包裹杀菌药剂，随着种子生长相关药物逐步释放，从而延长药物的有效期。玉米种子杀菌包衣剂专为玉米种子生产，其有效成分、主要用途、作用方式与其他杀菌剂有明显区别，构成单独相关商品市场。 |
| 4. The insecticide coating agent for corn seeds is a kind of insecticide that can be used for pre-treatment of corn seeds before planting, to prevent the seeds from insect pest. The specific form of the product is seed wrapped with insecticide, which will be gradually released along with the growth of the seeds so as to extend the validity. The insecticide coating agent, which is produced specifically for corn seeds, is remarkably distinguished from other insecticides in terms of effective constituents, main purposes, mode of action, and thus constitutes an independent relevant commodity market. | | 4．玉米种子杀虫包衣剂是一种杀虫剂，用于在种植前对玉米种子进行预处理，起到防止虫害的作用，具体产品形式为在种子外包裹杀虫药剂，随着种子生长相关药物逐步释放。玉米种子杀虫包衣剂专为玉米种子生产，其有效成分、主要用途、作用方式与其他杀虫剂有明显区别，构成单独相关商品市场。 |
| 5. Hybrid corn seeds are seeds with surviving and bearing ability that are produced through hybrid, and constitute an independent relevant commodity market. | | 5．杂交玉米种子是通过杂交生产的具有玉米成株、结果能力的种子，构成单独相关商品市场。 |
| 6. Traits mean the sum of features such as heritable crop morphology and environmental suitability that directly decides performance such as the crop production volume, maturity, weight, height, herbicide resistance and pesticide resistance, including transgenic traits and non-transgenic traits. Traits can be classified by species such as soybean traits, corn traits, and cotton traits. Different crop traits constitute independent relevant commodity markets, respectively. | | 6．性状是指可遗传的作物形态结构、环境适应性等特征的总和，直接决定作物产量、成熟期、重量、高度、抗除草剂和杀虫剂等性能，包括转基因性状和非转基因性状。性状可按作物种类细分，如大豆性状、玉米性状、棉花性状等，不同作物性状，分别构成单独相关商品市场。 |
| 7. Digital agriculture means a mode of agricultural practices that monitor and regulate the whole growth process of crops through dynamic information system with combination of high technologies such as GIS and remote sensing, GPS, computer technology, communications and network technology and automation with disciplines such as geology, agronomy, ecology, and phytology and soil science. | | 7．数字农业是指将遥感、地理信息系统、全球定位系统、计算机技术、通讯和网络技术、自动化技术等高新技术与地理学、农学、生态学、植物学、土壤学等学科结合，通过动态信息系统对作物生长全过程进行监测、调控的农业生产模式。 |
| (II) Relevant geographic markets. | | （二）相关地域市场。 |
| 1. According to relevant provisions of Regulation on Agricultural Chemicals Administration, the agrochemical products involved in the Case such as non-selective herbicides, the sterilizing coating agents for corn seeds, the insecticide coating agents for corn seeds shall be registered to the competent agricultural authority and obtain special licenses for production and sales before access to the markets. The constituents and methods of use may vary according to different geological regions. Chinese customers and agricultural companies mainly purchase relevant commodities in China. Therefore, the relevant geographic markets of the commodities above are Chinese markets. | | 1．根据《中华人民共和国农药管理条例》等相关规定，本案涉及的非选择性除草剂、玉米种子杀菌包衣剂、玉米种子杀虫包衣剂等农化产品进入市场前必须向农业主管部门进行登记，生产和销售需获得专门许可证，成分及使用方法因地域不同存在差异，中国客户和农业公司主要在国内购买相关商品。因此，以上商品的相关地域市场为中国市场。 |
| 2. According to relevant provisions of the Seed Law of the People's Republic of China and the Administrative Measures of the People's Republic of China on Seed, special licenses for production and sales of seeds involved in the Case shall be obtained, and before their access to the markets, it is required to register with competent agricultural authorities, carry out field trials, comply with the administrative provisions in China on prohibiting production and sales of trans-genetic seeds and be adopted to unique agricultural climatic conditions, agronomic conditions and peasants' practices. Therefore, the relevant geographic markets of the commodities above are Chinese markets. | | 2．根据《中华人民共和国种子法》、《中华人民共和国种子管理条例》等相关规定，本案涉及的种子生产和销售需获得专门许可证，进入市场前必须向农业主管部门登记、进行田间试验，且要遵循中国禁止生产和销售转基因种子等管理规定，必须适应各地独特的农业气候条件、农艺条件、农户作业习惯等。因此，以上商品的相关地域市场为中国市场。 |
| 3. The trait suppliers involved in the Case conduct licensed businesses worldwide, main competitors also compete globally. Therefore, the relevant geological market of such commodities is the global market. | | 3．本案涉及的性状供应商在全球范围内开展许可使用业务，主要竞争者也在全球范围开展竞争，客户在全球范围内采购。因此，以上商品的相关地域市场为全球市场。 |
| 4. The digital agricultural suppliers involved in the Case conduct competitive activities worldwide, no countries set obvious entry barriers to digital agriculture and customers select their suppliers all around the world. Therefore, the relevant geological market of such commodities is the global market. | | 4．本案涉及的数字农业供应商在全球范围内开展竞争，各国对数字农业没有明显准入壁垒，客户在全球范围选择供应商。因此，该商品的相关地域市场为全球市场。 |
| IV. Competitive analysis | | 四、竞争分析
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