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EU: Monsanto seeks alternatives to Bayer deal

By  |  June 29, 2016

Monsanto the world’s largest seed company, said it’s been in talks over the last several weeks with Bayer and others on possible alternatives to the German company’s initial $53.7 billion takeover bid.

Monsanto Chief Executive Officer Hugh Grant has been in discussions about “alternative strategic options,” he said Wednesday as the St. Louis-based company reported worse-than-expected fiscal third-quarter earnings and sales.

Monsanto has been facing aggressive cutting of seed prices by competitors and falling prices for the herbicide glyphosate amid overproduction by Chinese generic producers.

“We remain open and will continue to actively engage in constructive dialogue to pursue value enhancing strategic options,” Grant said in the earnings statement. “Our industry is running at a low point in the overall agriculture cycle and we’ve experienced an unforeseen level of challenges affecting our business in fiscal year 2016.”

Full Content: AG Web

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