0
Home
News
Directory
E-newsletter
Magazine
Events
Data
AgReport
Subscribe
Monsanto in talks with Bayer for “alternative strategic options”
Jun. 30, 2016
Monsanto Company
United StatesFollow
United StatesMonsanto Co said it was in talks with Bayer AG’s management and others regarding “alternative strategic options,” a month after the U.S. seed producer rejected the German company’s US$62 billion takeover offer.
Monsanto, which also reported lower-than-expected quarterly sales for the sixth straight quarter, said on Wednesday there was “no formal update on the Bayer proposal,” but talks were on for the past several weeks.
The U.S. company had not opened its books more than two weeks after rejecting the offer but left the door open to a possible deal after the companies reached an impasse over valuation, Reuters reported this month, citing sources.
Bayer, however, has no plans to raise its offer without reviewing Monsanto’s confidential information, the sources said.
The seed and agriculture chemical industry has seen several deals in the past year as low crop prices and belt-tightening by farmers put pressure on earnings.
The net income attributable to Monsanto plunged more than 37 percent to $717 million, or $1.63 per share, in the third quarter ended May 31.
Monsanto reported earnings of $2.17 per share from continuing operations, well below the average analyst estimate of $2.40, according to Thomson Reuters I/B/E/S.
Source: Reuters
More from AgroNews
Change
Hot TopicSubscribe
| Subscribe Email: | * | |
| Name: | ||
| Mobile Number: | ||
Comment
0/1200
NEWSLETTER