Bayer AG makes unsolicited offer for Monsanto
Germany's Bayer AG has made an unsolicited offer to acquire St. Louis-based biotech seed giant, Monsanto Co.
Monsanto Co has confirmed reports that the German rival firm has made an offer for a potential deal. Experts said that the deal would create a global giant combining the strengths of two major agricultural firms. Monsanto is a leading firm in crop seeds while Bayer has a wide range of pesticide portfolio.
Reports showed just a year earlier, Hugh Grant, the Chief Executive Officer of Monsanto led a public effort to acquire Swiss pesticide and seed maker Syngenta AG with a $46 billion takeover proposal that would have created a large firm of similar size. Syngenta had repeatedly rebuffed the offer from the American firm claiming that the offer undervalues the frim and that the antitrust authorities might reject the deal.
Monsanto abandoned the effort in August and started focusing on business in seeds, crop genetics and herbicides as falling prices affected the agricultural sector. The company struggled with slower sales of tractors and lower prices of seeds, sprays and fertilizer.
Mr. Grant, who is also Monsanto's chairman and the board will have to decide on an offer that will create a major firm in the global market.
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