BERLIN (AP) – 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.
(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)