Leverkusen: German drugs and chemicals group Bayer AG on Monday said it had made an unsolicited $62 billion all-cash offer to buy US seeds company Monsanto Co.

In a statement, Bayer said it offered $122 per share in an all-cash bid in a May 10 written proposal.

The deal would make Bayer world’s biggest supplier of farm chemicals and genetically modified seeds, a proposed acquisition that would be the biggest corporate deal by a German company.

“We have long respected Monsanto’s business and share their vision to create an integrated business that we believe is capable of generating substantial value for both companies’ shareholders,” said Werner Baumann, CEO of Bayer AG.

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The transaction would bring together leading Seeds & Traits, Crop Protection, Biologics, and Digital Farming platforms. Specifically, the combined business would benefit from Monsanto’s leadership in Seeds & Traits and Bayer’s broad Crop Protection product line across a comprehensive range of indications and crops.

“Faced with the complex challenge of operating in a resource-constrained world with increasing climate volatility, there is a clear need for more innovative solutions that advance the next generation of farming. By supporting farmers of all sizes on every continent, the combined business would be positioned as the partner of choice for truly integrated, superior solutions,” said Liam Condon, member of the Board of Management of Bayer AG and head of the Crop Science Division.

Under the proposed transaction, the combined business would provide attractive opportunities for the employees of both companies and have its global Seeds & Traits and North American commercial headquarters in many locations throughout the U.S. and around the world.

Digital Farming for the combined business would be based near San Francisco, California.

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