"Bayer executives recently met with executives of Monsanto to privately discuss a negotiated acquisition of Monsanto Company," the Leverkusen-based company said in a statement. Monsanto, for its part, "disclosed ... in response to recent media reports 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." Bayer shares were the biggest losers on the blue-chip DAX 30 index in Frankfurt following the announcement, plunging 7pc to an intraday low of €89.65 in an overall market down by around 1pc.