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German chemicals giant Bayer has confirmed its record-breaking $66bn takeover of GM seeds business Monsanto - a deal that would create the world's biggest seeds and pesticides company.
The offer, a record cash takeover, values Monsanto shares at $128 and will create a company worth $66bn (£50bn).
As well as farm-products, Bayer also sells healthcare products including Alka-Seltzer.
Monsanto is known for its genetically modified seeds for crops.
The use of such seeds is widespread in the US, but plans to introduce these into Europe have prompted fierce protests by environmental activists.
Bayer said feeding the world's population, which is expected to rise by around a third by 2050, was a massive challenge.
Werner Baumann, chief executive of Bayer, said the takeover would bring benefits across the board and deliver "substantial value to shareholders, our customers, employees and society at large".
Read more here. (BBC)
The offer, a record cash takeover, values Monsanto shares at $128 and will create a company worth $66bn (£50bn).
As well as farm-products, Bayer also sells healthcare products including Alka-Seltzer.
Monsanto is known for its genetically modified seeds for crops.
The use of such seeds is widespread in the US, but plans to introduce these into Europe have prompted fierce protests by environmental activists.
Bayer said feeding the world's population, which is expected to rise by around a third by 2050, was a massive challenge.
Werner Baumann, chief executive of Bayer, said the takeover would bring benefits across the board and deliver "substantial value to shareholders, our customers, employees and society at large".
Read more here. (BBC)
