The European Commission (EC) has approved a €54bn ($62.5bn) takeover of agrichemical giant Monsanto by German pharmaceutical and life sciences conglomerate Bayer.

The acquisition means that Bayer-Monsanto will be solely responsible for providing more than 25% of the world’s seed and pesticides market.

The EC said that Bayer had addressed its competition concerns by offering to sell substantial assets to rival firm BASF.

European Competition Commissioner Margrethe Vestager said in a statement: “Our decision ensures that there will be effective competition and innovation in seeds, pesticides and digital agriculture markets also after this merger. In particular, we have made sure that the number of global players actively competing in these markets stays the same.”

The EC analysed 2,000 different product markets and 2.7 million internal documents relating to the deal, having received more than a million petitions against the approval. The ruling was confirmed in a comprehensive 1,285-page paper.

The acquisition is the latest in a trio of agrichemical mega-deals approved by the EC. Both the Dow/Dupont and ChemChina/Sygenta deals were approved last year after important concessions were made to rivals.

Environmental groups and farmers have opposed all three deals, concerned over the major companies’ advantage in digital farming data, which has revolutionised how farmers operate.

The US Justice Department was keen to review the deal further, stating on its website: “While genetically modified seeds are largely prohibited in Europe, they are widely used throughout the United States. The Antitrust Division of the Department of Justice continues to examine the effects of the proposed transaction on American farmers and consumers.”

Chinese and Brazilian officials have approved the deal. The Australian government said that it would not oppose the acquisition, while Russian antitrust authorities are currently reviewing the takeover.