>> What does it cost to become the world's biggest agricultural supplier? German chemicals group Bayer hopes it's $62 billion dollars, that's what they've offered US company Monsanto, with Bayer's new CEO getting straight to work. After just three weeks in the job.>>
> In 2050, more than 3 billion additional people will need feeding.
That's six times as many people as live in Europe today and it's one of the great challenges of our time. We're convinced the proposed acquisition of Monsanto can contribute significantly to solving this challenge. A tie up would eclipse a planned combination of Dow Chemical and DuPont's agriculture unit.
Monsanto is yet to comment. Last week, one shareholder accused of Bayer of arrogant and Higher building. There are certainly plenty of obstacles ahead, including U.S. regulators.>> I think there's a specific concern that U.S. farmers, the supply change is going to be very concentrated within one company. From weed sprays all the way to the genetically modified crops.
>> A drop in commodity prices that has hit farm incomes is behind the race to consolidate. But Bayer's stock has taken a hit. It's lost more than 17% since the unsolicited proposal first emerged last week.