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Business

Big seed money: Bayer scoops up Monsanto for $66 bln

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Opening sequence

Business

Big seed money: Bayer scoops up Monsanto for $66 bln

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COMING UP:Big seed money: Bayer scoops up Monsanto for $66 bln

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00:00:02
>> Bayer has finally won over Monsanto. On Wednesday announcing it sealed the biggest takeover deal of the year for roughly $66 billion after months of wrangling. It took three bids for the German drug company to officially tie the knot with the American agrochemical giant. The winning offer a 20% premium to Monsanto's stock price at Tuesday's market close.
00:00:25
The deal would create a mammoth multinational, controlling one-fourth of the world market for seeds and pesticides, a sort of full service shop for farmers. Commonly known for its medicine-chest items, Bayer also has the world's second largest crop chemicals business behind Syngenta, which itself fended off a bid for Monsanto before being bought by China's state-owned ChemChina.
00:00:49
Lots of consolidation in the agrochemical business, US giants DOW Chemical and Dupont planning to merge, and spin off their seeds and crop chemicals operations into a separate business. The Bayer Monsanto tie up may be a headache for antitrust regulators, who still have to approve the deal, but for now shares of both companies rising on the news.