Bayer launches $7 billion cash call to fund Monsanto deal

BERLIN: Bayer launched a 6 billion euros ($7 billion) rights issue on Sunday, a cornerstone of the financing package for its planned $62.5 billion takeover of seeds maker Monsanto.

Bayer last week won U.S. approval for the Monsanto takeover, clearing a major hurdle for a deal that will create by far the largest seeds and pesticides maker.

The cash call is smaller than initially envisaged by Bayer because Monsanto reduced its debt while the antitrust review dragged on.