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Monsanto "accepts Bayer takeover offer" - reports

Last updated: 07:17 14 Sep 2016 EDT, First published: 02:17 14 Sep 2016 EDT

Monsanto US crop map
Monsanto has accepted a takeover offer from Bayer at $128 a share, according to reports

German chemical and drug company Bayer AG (ETR:BAYN) looks to have succeeded in its bid for US crop seed maker Monsanto Company (NYSE:MON).

Monsanto has accepted a takeover offer from Bayer at $128 a share, the BBC and others reported, although the companies have not confirmed it.

That would represent a slight improvement from the US$127.50 a share that Bayer offered last week, valuing Monsanto at US$56bn – 2% more than its previous bid.

If completed, it would be the world’s biggest all-cash deal and would create the largest global seed and pesticide supplier, with a market value of £50bn.

Monsanto said at the time that it was considering the offer but was also studying proposals from others, as well as strategic alternatives.

Bayer also sells healthcare products including Alka-Seltzer and Monsanto supplies genetically modified seeds for crops including corn, cotton, soybeans and wheat.

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