German Pharmaceutical and Chemical Giant Bayer Agrees to Buy Monsanto For $66 Billion
German pharmaceutical and chemical giant Bayer AG today announced it will acquire global seed major Monsanto for USD 66 billion in an all-cash deal.
Both Bayer and Monsanto have presence in India. The deal marks a major consolidation in global seed business. Recently, Monsantos rival Syngenta was acquired by ChemChina.
"Bayer and Monsanto today announced that they signed a definitive merger agreement under which Bayer will acquire Monsanto for USD 128 per share in an all-cash transaction," Bayer said in a statement.
The board of the two companies have unanimously approved the agreement, it said.
The offer of USD 128 per share is 44 per cent higher than the closing price of Monsantos share on May 9, the day before Bayers first written proposal to Monsanto.
"USD 128 per share in a...