Bayer makes bid for Monsanto
Bayer (ETR: BAYN) has made a move to consolidate its position in the agrochemical sector with an unsolicited takeover bid for Monsanto (NYSE: MON).
The American company has a market cap of $42.19 billion and has a range of agricultural products in its portfolio, which would complement Bayer’s strength in animal and crop sciences.
Monsanto said in a statement: “The board of directors is reviewing the proposal, in consultation with its financial and legal advisors. Monsanto will have no further comment until its board of directors has completed its review. There is no assurance that any transaction will be entered into or consummated, or on what terms.”
Bayer also issued a brief statement, indicating that senior executives had met with Monsanto to “privately discuss a negotiated acquisition” of the company. No further statement is expected from either until there’s been a progression in the negotiations.
Monsanto, however, do close their statement commenting that there is “no assurance that any transaction will be entered into or consummated, or on what terms”.
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