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Germany's Bayer offers to buy Monsanto

Xinhua, May 24, 2016 Adjust font size:

Germany's drugs and crop chemical company Bayer announced on Monday that it had offered to buy Monsanto, a U.S. seeds company for 62 billion U.S. dollars.

Bayer has made an all-cash offer to acquire all of the issued and outstanding shares of common stock of Monsanto for 122 U.S. dollars per share or an aggregate enterprise value of 62 billion U.S. dollars.

Bayer is now expecting an answer from Monsanto.

The shares of Bayer slumped since rumors about the bid spread on the market. Bayer CEO Werner Baumann said: "The proposed acquisition of Monsanto is strategically compelling and completely logical."

According to Baumann, the proposed combination with Monsanto is an "extraordinary opportunity to create a global leader in the agricultural industry."

"Bayer would combine complimentary skills with minimum geographical overlap. We at Bayer are at a leading position at crop protection and Monsanto is extremely strong in seeds industries," he added. Endit