Bayer has confirmed it is proposing to acquire Monsanto.
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“Bayer executives recently met with executives of Monsanto to privately discuss a negotiated acquisition of Monsanto Company,” Bayer said in a statement.
Monsanto issued a separate statement saying that “it has received an unsolicited, non-binding proposal from Bayer AG for a potential acquisition of Monsanto, subject to due diligence, regulatory approvals and other conditions”.
“The board of directors of Monsanto is reviewing the proposal, in consultation with its financial and legal advisers,” the US company added.
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Bayer had annual sales of €46.3bn last year, compared with $15bn (€13.4bn) for Monsanto. Monsanto shares currently have a market value of $42bn (€37.4bn), according to Bloomberg.
The two companies compete globally on farm inputs such as seed and pesticides, and employ 137,000 people between them.
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“Bayer executives recently met with executives of Monsanto to privately discuss a negotiated acquisition of Monsanto Company,” Bayer said in a statement.
Monsanto issued a separate statement saying that “it has received an unsolicited, non-binding proposal from Bayer AG for a potential acquisition of Monsanto, subject to due diligence, regulatory approvals and other conditions”.
“The board of directors of Monsanto is reviewing the proposal, in consultation with its financial and legal advisers,” the US company added.
Bayer had annual sales of €46.3bn last year, compared with $15bn (€13.4bn) for Monsanto. Monsanto shares currently have a market value of $42bn (€37.4bn), according to Bloomberg.
The two companies compete globally on farm inputs such as seed and pesticides, and employ 137,000 people between them.
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