Tuesday, September 6, 2016

Bayer ups bid for Monsanto

Bayer AG inched closer to clinching a deal to buy Monsanto Co. by increasing its bid to $65 billion.

There are still some issues to be resolved, such as what must be sold to satisfy antitrust regulators in a number of countries where both do business.

Monsanto said its negotiations with Bayer continue, adding that it is also evaluating proposals from others which it did not name. 

It cautioned that there was no certainty that any deal would occur.

Bayer’s bid was already the largest all-cash proposed takeover on record. It could make Bayer the largest farm-supply company, but there are close competitors.

ChemChina agreed earlier this year to buy Switzerland’s Syngenta for $43-billion, after the latter rejected takeover approaches from Monsanto. 

Dow Chemical Co and DuPont are working on a $130-billion merger, which is to be followed by a break-up into three businesses.