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Bayer defies critics with $62-bn Monsanto offer

To create the world's biggest agricultural supplier

Bayer Ag

Reuters  |  Frankfurt 

German drugs and crop chemicals group Bayer has offered to buy US seeds company Monsanto for $62 billion in cash, defying some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry. Monsanto Co’s stock rose 5 per cent to $106.61 by midday trade on the NYSE — well below Bayer’s offer price, in a sign that it faces a tough task convincing the St Louis-based company’s shareholders to sign off on the deal. The non-binding bid was made to Monsanto’s management on May 10, Monsanto has said it would review the proposal. ...

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First Published: Mon, May 23 2016. 23:46 IST