Monsanto announced late Wednesday that it has received an unsolicited takeover proposal from German pharma and chemical giant Bayer AG, a tie-up that had been the subject of weeks of speculation.  

"In response to recent media reports, Monsanto Company disclosed that it has received an unsolicited, non-binding proposal from Bayer AG for a potential acquisition of Monsanto, subject to due diligence, regulatory approvals and other conditions," the Missouri-based company said in a statement.