By Nathan Allen

Bayer AG (BAYN.XE) said Friday that Russian antitrust authorities have approved its proposed $57 billion acquisition of Monsanto Co. (MON) on the condition that the German company transfers certain technologies to Russian recipients.

Under the terms of the approval, Bayer agreed to transfer selected molecular breeding assets in several crops for a period of five years, the company said. It didn't specify who the Russian recipients will be.

Bayer said it has agreed to grant non-discriminatory access to digital-farming technologies after the products have been launched in Russia.

The approval brings Bayer a step closer toward achieving its goal of acquiring Monsanto, which it first announced in 2016 and which it aims to close in the second quarter of 2018.

Bayer received conditional approval from the European Commission in March and is still waiting for a ruling from the U.S. Department of Justice.

Read more about Bayer's takeover of Monsanto at https://on.wsj.com/2JHcxUW (WSJ paywall) or http://bit.ly/2JH7FiR (NewsPlus).

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 20, 2018 06:00 ET (10:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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