MOSCOW (Sputnik) — US agrochemical and seed producer Monsanto confirmed Thursday it had received an acquisition proposal from German pharmaceutics giant Bayer.
"In response to recent media reports, Monsanto Company (NYSE: MON) disclosed that it has received an unsolicited, non-binding proposal from Bayer AG for a potential acquisition of Monsanto, subject to due diligence, regulatory approvals and other conditions. The Board of Directors of Monsanto is reviewing the proposal, in consultation with its financial and legal advisors," Monsanto said in a press release.
The merger, should it take place, is estimated to be able to bring up to $67 billion in annual sales.
Monsanto unsuccessfully attempted to acquire its Swiss rival Syngenta for $46 billion last year.
The market is not optimistic about the deal, as Bayer shares dropped to their 2.5-year low amid a possible merger speculation.
