Monsanto rejects Bayer’s $62bn takeover bid

By Michelle Perrett

- Last updated on GMT

Monsanto has long been involved in GM research
Monsanto has long been involved in GM research

Related tags Roundup Agriculture

Monsanto, the international agriculture and seeds company, said it was still open to “constructive conversations” after rejecting an offer from German chemicals company Bayer, which would have reportedly created the world’s biggest agriculture supplier.

The Monsanto board said it viewed the bid of $62bn as “incomplete”​ and “financially inadequate”.​ 

Monsanto, which has its headquarters in St Louis, US, produces seeds for fruits, vegetables and key crops, such as corn, soybeans, and cotton. It is also known for its GM crops which are already grown in the US, South America, China and Canada. They are not grown commercially in the EU or UK.

More than 22,000 employees

The company has more than 22,000 employees globally and has a UK division based in Cambridge.

“We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,”​ said Hugh Grant, Monsanto chairman and ceo.

“However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.”

Compelling opportunity

Bayer, the lifestyle sciences company with a crop science division, claimed the acquisition would be a “compelling opportunity”​ to create a global agriculture leader.

It said it looked forward to engaging in discussions with Monsanto.

“We are pleased that Monsanto’s board shares our belief in the substantial benefits an integrated strategy could provide to growers and broader society,” s​aid Werner Baumann, ceo of Bayer.

“We are confident that we can address any potential financing or regulatory matters related to the transaction. Bayer remains committed to working together to complete this mutually compelling transaction.”

Monsanto at a glance

August 2014

Genewatch UK said blanket spraying of Monsanto’s Roundup Ready GM crops with weedkiller Roundup had destroyed large parts of the habitat of the monarch butterfly in the US.

November 2012

The European Food Safety Authority officially rejected research linking Monsanto's herbicide Roundup and GM with premature death.  

Sept 2012​  

Food Standards Agency said it needed time to study research linking Monsanto's herbicide Roundup and GM with premature death.

Feb 2010

Monsanto developed the new herbicide and pest-resistance maize called SmartStax, which is among a new raft of GM seed launches.

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Posted by Aaron,

Thanks for the contribution Cat.

What makes you conclude that food makes us sick? Is it the decreased rates of infectious disease and increased life expectancy?

There's a bigger market for Bayer to exploit by manufacturing tin-foil hats.

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This worries me...

Posted by Cat,

I can see where this is going. Through the purchase of Monsanto, Bayer will ensure our food makes us sicker, for which they will then create medications...

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