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Monsanto accepts Bayer takeover Monsanto accepts $66bn Bayer takeover
(35 minutes later)
Monsanto board has accepted a takeover offer from Bayer at $128 a share, with a $2bn break fee if the deal does not complete, the BBC has learned. US genetically modified seeds giant Monsanto has accepted a takeover offer from Germany's Bayer at $128 a share, the BBC has learned.
The official announcement is expected in the next half hour. Bayer's farm business produces seeds and chemicals to combat weeds and insects, but it is better known for its healthcare products which include Alka-Seltzer.
This is a breaking news story - more to follow. The move will create the world's biggest seeds and pesticides company valued at $66bn (£50bn).
The official announcement is due soon.
Combining Bayer and Monsanto will make it the market leader in the US, Europe and Asia.
Monsanto is primarily known for its genetically modified seeds for crops including corn, soybeans, cotton, wheat and sugar cane. Such seeds have attracted criticism from some environmental activists.
There is a $2bn break fee if the deal does not complete.