Bayer To Buy Monsanto For $62 Billion
Reuters is reporting that pharmaceutical giant, Bayer, has offered $62 billion dollars in cash to buy seed company Monsanto. Monsanto has come under fire for its genetically modified seeds. Bayer is a German company which also deals with “crop protection” and develops pesticides.
The acquisition offer would result in a powerful blend of Bayer’s pesticide division and Monsanto’s seed division. “Jointly we would be an innovation powerhouse to address farmers’ future needs,” according to Bayer.
Bayer recently named Werner Baumann as its new Chief Executive Officer on May 1, 2016.
In a statement on Bayer’s corporate website: “this transaction would create a leading integrated agriculture platform with a broad product portfolio. The combined business would benefit from a combined R&D pipeline that would deliver valuable and innovative solutions for farmers, with a focus on long-term investments to help advance the next generation of farming.”
This is not the only major merger in recent months. Dow Chemical and DuPont announced in December they were going to merge.