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Monsanto: Bayer's raised takeover bid 'insufficient'

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(iStock)
(iStock)

New York - US agrochemical giant Monsanto said Tuesday that an increased takeover bid from Germany's Bayer was still "insufficient," but that it remains open to talks to seal the transaction.

Monsanto called Bayer's bid last week of $125 per share, up from the prior $122 per share, "financially inadequate" to ensure a deal. But Monsanto left the door open to talks, adding that there are no assurance a deal will be reached.

Bayer, inventor of the painkiller Aspirin, has argued a takeover of the US company would create a new world leader in seeds, pesticides and genetically modified (GM) crops.

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