LONDON — Bayer of Germany said on Monday that it had offered $62 billion in cash to acquire Monsanto in a deal that would combine two of the world’s biggest companies in the businesses of crop seeds and pesticides.
The transaction, if consummated, would create an industry giant whose products include antibiotics, genetically modified crops and pesticides. It would have a combined annual revenue of more than $67 billion.
Bayer said it decided to make details of its proposal public after market speculation and investor inquiries about a potential deal. The companies confirmed last week that Bayer had approached Monsanto about a potential tie-up. Monsanto said then that its board of directors was reviewing the proposal.
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Update, May 25:
Monsanto rejected Bayer’s $62 billion takeover offer on Tuesday, calling the takeover approach by the German giant too low.
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