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In this May 23, 2016 file picture the Bayer AG corporate logo is displayed on a building of the German drug and chemicals company in Berlin, Germany. (AP Photo/Markus Schreiber)

Bayer agreed to take over Monsanto for $66 billion

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Bayer, a global chemical and pharmaceutical giant, agreed to purchase controversial agricultural giant Monsanto for $66 billion, Reuters reports.

The deal is expected to close by the end of 2017.

The merged companies would sell almost 30 percent of the world's seeds.

Monsanto has been widely criticized for its genetic modification of food.

We'll update this story soon as we know more. 

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