A German drug and chemicals company offers billions to buy Monsanto

2 years 8 months 3 weeks ago Monday, May 23 2016 May 23, 2016 Monday, May 23, 2016 6:28:00 AM CDT May 23, 2016 in Continuous News
By: The Associated Press

BERLIN (AP) — German drug and chemicals company Bayer AG says it has made a $62 billion offer to buy U.S.-based crops and seeds specialist Monsanto Company.

Bayer said Monday that the all-cash offer values Monsanto shares at $122 each. It said in a statement that the acquisition "would be a compelling opportunity to create a global agriculture leader, while reinforcing Bayer as a life science company with a deepened position in a long-term growth industry."

Bayer had said on Thursday that its executives met recently with their Monsanto counterparts "to privately discuss a negotiated acquisition" of the specialist in genetically modified crop seeds.

Monsanto is headquartered in St. Louis, Missouri.

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