Chicago - Bayer AG, whose $62bn takeover bid was rejected earlier by Monsanto, said it’s confident it can overcome the seed company’s concerns about the regulatory and financing risks related to a deal that would create the world’s largest supplier of seeds and crop chemicals.
The German company said on Tuesday it looks forward to further talks with Monsanto. Hours earlier, St Louis-based Monsanto announced its board decided unanimously to spurn the all-cash offer for being too low. The US company added that it believes in the benefits a merger would bring and that it respected Bayer’s business, leaving the door open for further discussions.
“We are pleased that Monsanto’s board shares our belief in the substantial benefits an integrated strategy could provide to growers and broader society,” Bayer CEO Werner Baumann said in a statement.