The daily business briefing: May 23, 2016

Bayer unveils $62 billion bid for Monsanto, Greece approves more reforms to please lenders, and more

Bayer's logo at its headquarters
(Image credit: ROBERTO PFEIL/AFP/Getty Images)

1. Bayer makes $62 billion bid to take over Monsanto

Germany's Bayer AG said Monday that it had made a $62 billion takeover offer to U.S. agribusiness giant Monsanto. The bid amounted to $122 a share, a 37 percent premium over Monsanto's closing price of $89.03 on the day before Bayer gave Monsanto the offer in writing earlier this month. If completed, the deal would be the largest foreign acquisition by a German firm. Bayer is a pharmaceuticals giant but it also makes pesticides. Buying Monsanto would produce $1.5 billion in synergies over three years, Bayer said.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.