German pharmaceutical company Bayer confirmed Monday it proposed an all-cash of $62 billion to purchase Monsanto Co., a global agricultural company and leading producer of genetically-engineered seed and glyphosate-based herbicide.
“We have long respected Monsanto’s business and share their vision to create an integrated business that we believe is capable of generating substantial value for both companies’ shareholders,” says Werner Baumann, CEO of Bayer AG. “Together we would draw on the collective expertise of both companies to build a leading agriculture player with exceptional innovation capabilities to the benefit of farmers, consumers, our employees and the communities in which we operate.”