Bayer has failed in its attempt to buy the seed and chemical company Monsanto. In its second attempt in as many months, Bayer raised its offer by $2bn (€1.8bn) to $64bn (€58bn) to acquire the biggest seed company in the world. This makes it the biggest all-cash bid on record.

Monsanto rejected the bid, however, but said that it “remains open to continued and constructive conversations with Bayer and other parties”. It also said that there was no assurance that any transaction will be entered into or consummated, or on what terms.