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Germany’s Bayer plans to buy US’ Monsanto for $62 bln

May 23, 10:00 UTC+3
Monsanto Corporation is a producer of herbicides and crop seeds
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© EPA/OLIVER BERG

BERLIN, May 23. /TASS/. German chemical concern Bayer is ready to buy US’ Monsanto company for $62 bln, the German company said in a statement.

Monsanto Corporation is a producer of herbicides and crop seeds.

If the deal is closed, the world's largest manufacturer in this field of agribusiness will be created.

Bayer has offered to the shareholders of Monsanto $1.22 per share in cash. This is 20% more than the closing price of the US company’s securities at the trading session last week, Bloomberg reported.

Monsanto began to sell genetically modified seed corn and soybeans nearly two decades ago. Now such products account for most of crop seeds used by the US farmers. The company also sells genetically modified seeds in Latin America and India.

The branch of production of herbicides and genetically modified seeds is now going through the period of intense consolidation.

In 2014, Monsanto began negotiations on acquisition of Swiss Syngenta for $43.7 bln, but the companies failed to reach an agreement. In the summer of 2015 Monsanto abandoned these attempts after Syngenta rejected its conditions.

In February 2016, China National Chemical Corporation (China National Chemical Corp.) agreed on acquisition of Syngenta for more than $43 bln.

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