Bayer in talks to buy GM food company Monsanto

German pharmaceuticals giant approaches world's biggest seed firm over 'negotiated acquisition' set to be worth at least $40bn

The German drugs and chemicals group Bayer has pounced on Monsanto, the world's biggest seed company, with an unsolicited takeover offer likely to be worth more than $40bn (27bn).

Bayer, which invented aspirin in the 19th century, said executives from both companies had met to "privately discuss a negotiated acquisition of Monsanto Company" to create a "leading integrated agriculture business".