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Bayer says clinches $66 billion Monsanto takeover

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Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo

reutersBayer said on Wednesday it won over Monsanto’s management with a $128 per share offer in cash, worth about $66 billion including debt, to take over the global seed market leader.

The companies have agreed on an antitrust break fee of $2 billion and the deal is expected to be closed by the end of 2017, the German group said in a statement.

Bayer intends to finance the transaction with a combination of debt and equity. The equity component of approximately $19 billion is expected to be raised through mandatory convertible bonds and a rights issue, it added.

(Reporting by Ludwig Burger; Editing by Arno Schuetze)

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