Bayer to acquire Monsanto for $128 a share

German drugs and crop chemicals company Bayer has won over U.S. seeds firm Monsanto with a takeover offer of around $66 billion, ending months of wrangling after increasing its bid for a third time.

An agreement had been signed for Bayer to pay $128 per share, up from its previous offer of $127.50 a share.

That would be the biggest takeover deal of the year so far and the largest cash bid on record.

The deal would create a company commanding more than a quarter of the combined world market for seeds and pesticides in the fast-consolidating farm supplies industry.

However, competition authorities are likely to scrutinize the tie-up closely, and some of Bayer's own shareholders have been highly critical of a takeover plan which they say risks overpaying and neglecting the company's pharmaceutical business.

The companies have agreed on an antitrust break fee of $2 billion and the deal is expected to be closed by the end of 2017, the German group said in a statement.

For the full story, on cnbc.com, click here.