The chief executive of Bayer has said its attempted takeover of US GM seeds company Monsanto will be a “marathon rather than a sprint”.
The German drugs and chemicals giant confirmed it had made a $62bn (£42bn) offer for Monsanto last Monday.
It was rejected the next day, but both companies have indicated a willingness to reach a deal.
While Bayer’s share price has remained at around its lowest level in three years, Monsanto’s is up around 20 per cent to $112 since news of German interest broke in mid-May.
Shareholders and analysts have told City A.M. they expect Bayer to improve its offer, which currently stands at $122 per share.
But comments from Bayer chief executive Werner Baumann suggest a completed deal may still be a long way off.
“Our planned takeover of Monsanto will be a marathon rather than a sprint,” he told German magazine WirtschaftsWoche in an interview to be published on Friday.
As well as highlighting the need to get past Monsanto’s “constructive refusal”, Baumann also spoke of the regulatory challenges the deal faces.