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Bayer to take over Monsanto for $66 billion

Posted: 7:00 AM, Sep 14, 2016
Updated: 2016-09-14 18:31:24Z

Bayer, a German drug and farm chemical producer, will purchase seed and herbicide manufacturer Monsanto for $66 billion, the Associated Press reports.

Monsanto shareholders will receive $128 per share in the all-cash deal that was announced May 10. Monsanto shareholders and government officials must approve the deal to make it official.

Monsanto is known for genetically modifying food products.