Baku, September 15, AZERTAC
Germany-based health and agricultural giant Bayer reached a deal to acquire seed and pesticide firm Monsanto for $66 billion in yet another jolt to a global agricultural sector that has been rocked by sluggish crop prices, according to USA Today.
Bayer said Wednesday that it agreed to pay $128 per share in cash for St. Louis-based Monsanto after months of acquisition talks in which the pursuer sweetened its bid on multiple occasions.
Monsanto shares (MON) rose 0.6% to close at $107.76, falling well short of the deal price, possibly reflecting skepticism that the deal will be finalized.
The companies said they expect the deal to close by the end of 2017.
Monsanto holds 36.7% market share in corn seeds and 29.5% in soybean seeds, according to 2015 figures compiled by agribusiness consultancy Verdant Partners.