Monsanto deal will take time, says Bayer CEO

Taking over US agrochemicals giant Monsanto will take time, the head of German chemicals and pharmaceuticals group Bayer said in a magazine interview Wednesday. "Our planned takeover of Monsanto will be a marathon rather than a sprint," chief executive Werner Baumann told the weekly WirtschaftsWoche in an interview to be published on Friday. In particular, getting the deal past the cartel authorities could be a long haul, Baumann said. Bayer, a household name thanks to its painkiller Aspirin, said this week that it is offering $122 per share in cash for Monsanto -- $62 billion (55 billion euros) in total. If successful, it would be the biggest foreign takeover by a German company and would create a new world leader in seeds, pesticides and genetically modified (GM) crops. Monsanto has dismissed the offer as too low, but said it was willing to enter into further merger talks. Baumann saw Monsanto's reaction as a "constructive rejection" and observers suggest Bayer could increase its offer. Baumann underlined his determination to reach a deal. "The bid is the right strategic decision to create value for Bayer," he told the magazine.