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Monsanto said to be takeover target, shares skyrocketed

Staff writer |
Monsanto shares jumpted 12 percent on Thursday on new reports that Bayer and BASF are about buying Monsanto.

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A year after Monsanto sparked a massive consolidation race in the agrochemical industry by bidding for a rival, the world's largest seed company now finds itself in the uncomfortable role of takeover target.

Bloomberg News reported Bayer was exploring a bid for Monsanto, while financial news website Street Insider reported that BASF was looking at a Monsanto acquisition.

A month ago Monsanto's management denied the likelihood of any near-term deals. Chief Executive Officer Hugh Grant said on an analyst call the company no longer saw large-scale M&A as an opportunity. Smaller research and development or commercial partnerships were more likely.

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