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Bayer pushes bid for Monsanto closer to $56 billion

FILE - This Aug. 31, 2015, file photo, shows the Monsanto logo on display at the Farm Progress Show in Decatur, Ill. German pharmaceutical giant Bayer AG says it's increasing its bid for American seed company Monsanto Co. The Leverkusen-based drug and chemicals company said in a statement early Tuesday Sept. 6, 2016 it was offering US $127.50 per Monsanto share, up from the previous US $125 a share offer. Excluding debt of about US $9 billion, that values Monsanto at US $55.8 billion, about US $1 billion more than the previous offer. (AP Photo/Seth Perlman, File)
FILE - This Aug. 31, 2015, file photo, shows the Monsanto logo on display at the Farm Progress Show in Decatur, Ill. German pharmaceutical giant Bayer AG says it's increasing its bid for American seed company Monsanto Co. The Leverkusen-based drug and chemicals company said in a statement early Tuesday Sept. 6, 2016 it was offering US $127.50 per Monsanto share, up from the previous US $125 a share offer. Excluding debt of about US $9 billion, that values Monsanto at US $55.8 billion, about US $1 billion more than the previous offer. (AP Photo/Seth Perlman, File) FILE - This Aug. 31, 2015, file photo, shows the Monsanto logo on display at the Farm Progress Show in Decatur, Ill. German pharmaceutical giant Bayer AG says it's increasing its bid for American seed company Monsanto Co. The Leverkusen-based drug and chemicals company said in a statement early Tuesday Sept. 6, 2016 it was offering US $127.50 per Monsanto share, up from the previous US $125 a share offer. Excluding debt of about US $9 billion, that values Monsanto at US $55.8 billion, about US $1 billion more than the previous offer. (AP Photo/Seth Perlman, File)

By Associated Press 2 min read

KANSAS CITY, Mo. (AP) – The German pharmaceutical giant Bayer AG sweetened its bid for Monsanto Tuesday, saying that its latest offer, now worth almost $56 billion reflects, “constructive negotiations” in its quest to build a global chemical and seed company.

Bayer is offering $127.50 per Monsanto share, up from $125 in July, a bid that the St. Louis seed company had called inadequate. Excluding debt of about $9 billion, the latest proposal values Monsanto at $55.8 billion, about $1 billion more than it had offered less than two months ago.

Monsanto confirmed the latest bid, also calling its ongoing negotiations with Bayer “constructive.”

“Monsanto is continuing these conversations as it evaluates this proposal, as well as proposals from other parties and other strategic alternatives,” it said in a company release.

A combination of the two businesses would create a giant seed and farm chemical company with a strong presence in the U.S., Europe and Asia. Both are familiar brands on farms around the globe.