New Delhi: German multinational chemical and pharmaceutical company Bayer on Wednesday offered to buy up Monsanto, an American multinational agrochemical and agricultural biotechnology corporation, for whooping $66 billion.

The deal emerges as the signature deal in the agribusiness consolidations in the recent months.

“Bayer’s competitors are merging, so not doing this deal would mean having a competitive disadvantage,” said fund manager Markus Manns of Union Investment, one of Bayer’s top 12 investors.

If the deal is approved by the regulators, a company will be created commanding more than a quarter of the combined world markets for seeds and the pesticides in the fast growing farm supplies industry.

 The companies will need to file in about 30 jurisdictions for the merger and the deal is expected to close by the end of 2017.

Bayer is aiming to create a one-stop shop for all farmer services.

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