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Bayer clinches Monsanto with $66 billion bid

German drug and farm chemical maker Bayer AG says it has agreed to acquire seed and weed-killer company Monsanto in an all-cash deal valued at $66 billion.

Bayer says it is paying Monsanto shareholders $128 per share, which represents a 44 per cent premium over Monsanto's closing price on May 9, the day before a proposed deal was announced.

The deal is subject to approval by Monsanto shareholders and anti-trust regulators. Bayer expects the deal to close by the end of 2017. | READ MORE