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Bayer to issue convertible notes for Monsanto takeover

Published 11/15/2016, 12:58 PM
Bayer to issue convertible notes for Monsanto takeover
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  • Bayer (DE:BAYGN) (OTCPK:BAYRY -0.4%) says it will issue €4B ($4.3B) in mandatory convertible notes as part of measures to fund its acquisition of Monsanto (MON +0.4%).
  • Bayer says issuing the notes, set to mature in November 2019, is the first part of ~$19B in previously announced equity capital measures related to the MON acquisition.
  • Separately, MON reaffirms in an 8-K filing that it projects FY 2017 EPS of $4.50-$4.90, in line with the $4.72 analyst consensus estimate, and expects its seed and genomics segment gross profit to increase Y/Y by mid-single digits as a percent, with soybean gross profit alone expected to grow by more than 20%.

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