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Global markets: Monsanto rejects Bayer’s offer

By Commodity News Service Canada

WINNIPEG, July 19 – The following is a glance at the news moving markets globally.

MONSTANTO REJECTS OFFER, LEAVES DOOR OPEN
Monsanto Company has rejected a bid from Bayer AG, citing financial inadequacy, according to reports on Tuesday. However, the company says it is open to further talks, with Bayer, or other organizations.

Bayer had submitted a US$125-per-share offer to Monsanto, market watchers say.

IRAQ BECOMES INDIA’S TOP OIL SUPPLIER
Iraq became India’s top oil supplier in the second-quarter, boosting imports 16 per cent from year-ago levels, according to reports on Tuesday.

Saudi Arabia had previously been India’s biggest supplier.

US HOUSING STARTS INCREASE IN JUNE
US housing starts increased in June, beating out many analyst expectations, as ground-breaking increased 4.8 per cent on a seasonally adjusted annual level, data released on Tuesday said.

However, housing starts for April and May were revised lower, which will affect the final figure for the second-quarter.

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