Bayer launches $7bn rights issue to finance Monsanto takeover

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

Bayer last week won US 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.

Also, Bayer raised 4.5bn euros more from selling down its stake in plastics maker Covestro than initially expected.

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Monsanto finally folds as Bayer secures buyout for $66 billion

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The German drug maker also grossed 7.6bn euros in proceeds from selling assets to BASF, as the antitrust reviews were stricter than anticipated, but that did not cut the need to raise money via a share issue because future cash flows to service debts would also be lower.

When the merger was agreed in September 2016, Bayer said it would raise $19bn worth of fresh equity capital for the takeover deal, parts of which was covered by issuing 4bn euros in mandatory convertible notes in November 2016.

Bayer has said it would close the transaction very soon, which it needs to do because Monsanto could withdraw from the takeover agreement and seek a higher price after June 14.

Bayer is set to close the transaction on June 7, according to a media report on Sunday.

Bayer will create an agricultural supplies giant with sales of about 20bn euros, based on 2017 figures, when taking into account the divestments.

At current foreign exchange rates, that compares to about 12.4bn euros at DowDuPont’s Corteva Agriscience unit, 11bn euros at ChemChina’s Syngenta and 7.9bn at BASF, including businesses to be acquired.

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

Match info:

Wolves 1
Boly (57')

Manchester City 1
Laporte (69')

Learn more about Qasr Al Hosn

In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

What are the GCSE grade equivalents?

Grade 9 = above an A*
Grade 8 = between grades A* and A
Grade 7 = grade A
Grade 6 = just above a grade B
Grade 5 = between grades B and C
Grade 4 = grade C
Grade 3 = between grades D and E
Grade 2 = between grades E and F
Grade 1 = between grades F and G

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
February 2, 2018 Bodytree will host its 4th annual yoga market.