German pharmaceutical and crop chemicals manufacturer Bayer AG says talks with Monsanto Co have advanced and it is now willing to offer more than $65 billion, a 2 percent increase on its previous offer for the world’s largest seeds company.
“Both sides are gradually nearing consensus,” one person familiar with the matter said.
Monsanto has also agreed to open its books for Bayer to conduct due diligence checks on the company’s business, two sources close to the matter said.
Bayer’s previous offer was already the largest all-cash takeover bid on record with a deal with Monsanto aimed at giving the German company a shot at grabbing the top spot in the fast-consolidating farm supplies industry, combining its crop science business with Monsanto’s strength in seeds.
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