Bayer announces $62 billion offer for Monsanto

German drugs and chemicals group Bayer said it had made an offer to buy US seeds company Monsanto for $122 per share in cash, or a total value of $62 billion, to create the world's biggest agricultural supplier.

It said on Monday it planned to finance the deal with a combination of debt and equity, which would include a rights offering.

Monsanto had disclosed last week that Bayer had made an unsolicited takeover offer for the group.