Monsanto rejects Bayer's bid

US agriculture giant Monsanto late on Tuesday rejected German chemical and pharmaceutical company Bayer’s $62bn all-cash offer, saying it was “incomplete and financially inadequate”.

Still, Monsanto said it was open to continued and constructive conversations to assess whether it could achieve a deal that was in the best interests of its shareholders.

Chairman Hugh Grant said: “We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business.

“However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition."

The group said there was no assurance any deal would be made or on what terms.

At 0907 BST, Bayer shares were up 1% to €87.99.