German pharmaceutical company Bayer offered Monsanto a 62-billion US-dollar takeover bid - a record sum in German business history. Monsanto says the offer is too low, but rumors of a potential deal have got the entire industry abuzz.
Pharma giant Bayer will sell some assets to its German rival BASF to gain regulatory approval for its takeover of US firm Monsanto, and create a company that will control more than a quarter of the world seed's market.
The EU Commission has announced it's opened an in-depth investigation into the mega takeover of Monsanto by Germany’s Bayer. Brussels said competition concerns had not been addressed sufficiently.
At Bayer's annual general meeting in Bonn, environmentalists and politicians voiced discontent over the proposed takeover. Both companies have come under fire for substandard ethical and environmental practices.
Amid vocal street protests from environmentalists, chief executive Werner Baumann has described the multi-billion-dollar takeover of Monsanto as a perfect fit despite the US chemical giant's "challenging image."
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