Bayer AG offered $62 billion to buy Monsanto Co. (NYSE: MON), deepening investor concern that it’s stretching its finances to become the world’s biggest seller of seeds and farm chemicals.

The May 10 written proposal to Monsanto offered $122 a share in cash, the Leverkusen, Germany-based company said in a statement on Monday. Bayer’s stock dropped as much as 3.6 percent, extending losses since the potential deal was first revealed. Monsanto shares posted muted gains, rising to $110 in premarket trading in New York, signaling that investors remain skeptical about the deal.

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