Bayer, the German chemicals and pharma group, confirmed its offer to acquire Monsanto, with a $122 per share all-cash offer which values the US agribusiness at $62bn.
The offer represents a 37 per cent premium to Monsanto’s undisturbed share price of $89.03 on May 9
The German group said buying Monsanto would be a “compelling opportunity to create a global agricultural leader”. Bayer said it expected annual synergies of about $1.5bn after the third year, plus additional benefits in future years.
“We have long respected Monsanto’s business and share their vision to create an integrated business that we believe is capable of generating substantial value for both companies’ shareholders,” said Werner Baumann, Bayer’s chief executive in a statement.
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