Bayer board to debate making a hostile approach for Monsanto
The board of German multinational chemical and pharmaceutical firm Bayer is expected to debate taking another swing at US seed company Monsanto when it meets next week.
Bayer’s supervisory board will meet on 14 September and will weigh up whether to sweeten its offer for Monsanto again or even pursue a hostile takeover, German newspaper Rheinische Post has reported, citing company sources.
Monsanto turned down an improved offer of $64bn (£48bn) in July. It described the apporach as “financially inadequate and insufficient”.
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But the US seeds company said that it “remains open to continued and constructive conversations with Bayer and other parties”.
Bayer first made a $62bn offer for Monsanto in May and then upped it after it was reported Monsanto was in talks with rival BASF.
In June the chief executive of Bayer said its attempted takeover of Monsanto will be a “marathon rather than a sprint” after its first bid was rejected.
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“Our planned takeover of Monsanto will be a marathon rather than a sprint,” he told German magazine WirtschaftsWoche in an interview to be published on Friday.
As well as highlighting the need to get past Monsanto’s “constructive refusal”, Baumann also spoke of the regulatory challenges the deal faces.
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