German-based Bayer AG has made an increased offer to take over its US rival Monsanto.

"Following receipt of additional information Bayer has raised its all-cash offer to Monsanto shareholders from USD 122 to USD 125 per share" or a total of more than $64bn, Bayer said in a statement.

The US agricultural inputs company said in response: "The Board of Directors of Monsanto will review the proposal, in consultation with its financial and legal advisors. There is no assurance that any transaction will be entered into or consummated, or on what terms."

Previous offer

In May, German agribusiness giant Bayer made an acquisition offer of $62bn.

However, US-based Monsanto described the offer as "incomplete and financially inadequate".

Hugh Grant, Monsanto chair and CEO, said the $62bn proposal "significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition."

The two companies compete globally on farm inputs such as seed and pesticides, and employ 137,000 people between them.

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Monsanto says Bayer acquisition offer of $62bn is 'financially inadequate'