German Chemical Firm Bayer Makes $62B Offer for Monsanto

BERLIN (AP) -
FILE - In this April 28, 2010 file photo a vessel passes by the plant of chemical giant Bayer AG at the rive Rhine in Leverkusen, western Germany. German drug and chemicals company Bayer AG confirmed Thursday, May 19, 2016 it has entered talks with the Monsanto Company about the possible acquisition of the U.S.-based specialist in genetically modified crop seeds. Leverkusen-based Bayer said in a short statement that its executives had met recently with their Monsanto counterparts "to privately discuss a negotiated acquisition of Monsanto Company." (AP Photo/Frank Augstein)
A vessel passes by the plant of chemical giant Bayer AG on the banks of the Rhine in Leverkusen, western Germany, in this 2010 file photo. (AP Photo/Frank Augstein)

German drug and chemicals company Bayer AG says it has made a $62 billion offer to buy U.S.-based crops and seeds specialist Monsanto Company.

Bayer said Monday that the all-cash offer values Monsanto shares at $122 each. It said in a statement that the acquisition “would be a compelling opportunity to create a global agriculture leader, while reinforcing Bayer as a life-science company with a deepened position in a long-term growth industry.”

Bayer had said on Thursday that its executives met recently with their Monsanto counterparts “to privately discuss a negotiated acquisition” of the specialist in genetically modified crop seeds.

Monsanto is headquartered in St. Louis, Missouri.