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Bayer AG secures 60 bln euros loan facility to fund Monsanto offer
Jun. 3, 2016
Bayer AG, which has made a $62 billion USD bid for U.S. seeds company Monsanto Co, has secured a 60 billion euros ($67 billion USD) loan facility that can be expanded up to 75 billion euros, Handelsblatt daily reported on Thursday.
Bayer AG secured the bridge loan on Wednesday from Bank of America Merrill Lynch, Credit Suisse, HSBC , Goldman Sachs and JP Morgan, the German newspaper reported, citing people familiar with the matter. (http://bit.ly/22ABOmI)
Bayer AG made an unsolicited takeover offer for Monsanto in May, aiming to create the world’s biggest agricultural supplier.
Monsanto turned down the offer as “incomplete and financially inadequate”, but said it was open to further talks.
The loan facility, which have a maturity of up to a year, will have around 0.5 percent interest rate for the first half.
“As a matter of principle, we do not comment on any market rumors,” Bayer spokesman Michael Preuss said on Thursday.
The banks were not immediately available for comments.
Source: Reuters
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