Bayer confident of CCI approval for $66-Monsanto deal by May 2018

India is one of the 30 countries whose approval is needed for merger to go through; denial could put global acquisition on hold

German chemical and pharma major Bayer on Tuesday expressed confidence that it would secure regulator Competition Commission of India's (CCI's) approval by April or May for the $66-acquisition of US-based biotech major Monsanto.

The deal can't be closed globally unless CCI gives its approval as mandated by the Indian Competition Act of 2002.

India is one of the 30 countries whose approval is needed for the merger to go through. As many as 14 countries have approved the merger.

The Competition Act 2002 mandates that CCI's approval is required, along with other agencies, before an entity closes its deal globally or else penal