Bayer bids $62bn for GM seed giant Monsanto

Takeover would create world's largest agricultural supplier in the biggest deal ever by a German firm

German drug and chemicals group Bayer has offered to buy the American GM seed pioneer Monsanto for $62bn (43bn) in a deal that would create the world's biggest agricultural supplier.

The offer of $122 a share in cash values the Monsanto group at 37% more than its closing share price on 9 May, before rumours of a bid emerged.