Bayer AG made an unsolicited takeover offer for Monsanto Co. (NYSE: MON) in a bold attempt by the German company to snatch the last independent global seeds producer and become the world’s biggest supplier of farm chemicals.
The St. Louis-based company, with a market value of $42 billion, said it’s reviewing the offer in a statement Thursday. It didn’t disclose the terms of the proposal. Bayer, confirming the bid, said the combination would bolster its position as a life sciences company. Bloomberg News was first to report a week ago that Bayer was exploring a potential takeover.