• FILE - This Aug. 31, 2015, file photo, shows the Monsanto logo on display at the Farm Progress Show in Decatur, Ill. The Senate is set to take a closer look at a proposed $66 billion merger of American seed and weed-killer company Monsanto and German medicine and farm chemical maker Bayer. (AP Photo/Seth Perlman, File)

    FILE - This Aug. 31, 2015, file photo, shows the Monsanto logo on display at the Farm Progress Show in Decatur, Ill. The Senate is set to take a closer look at a proposed $66 billion merger of American seed and weed-killer company Monsanto and German ... medicine and farm chemical maker Bayer. (AP Photo/Seth Perlman, File) (The Associated Press)

  • FILE - In this May 23, 2016, file photo the Bayer AG corporate logo is displayed on a building of the German drug and chemicals company in Berlin, Germany. The Senate is set to take a closer look at a proposed $66 billion merger of American seed and weed-killer company Monsanto and German medicine and farm chemical maker Bayer. (AP Photo/Markus Schreiber)

    FILE - In this May 23, 2016, file photo the Bayer AG corporate logo is displayed on a building of the German drug and chemicals company in Berlin, Germany. The Senate is set to take a closer look at a proposed $66 billion merger of American seed and ... weed-killer company Monsanto and German medicine and farm chemical maker Bayer. (AP Photo/Markus Schreiber) (The Associated Press)

  • Bayer CropScience North America President and CSO Jim Blome, left, and Monsanto Company Executive Vice President & Chief Technology Officer Dr. Robb Fraley,  are seen on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, prior to testifying before the Senate Judiciary Committee hearing on a proposed $66 billion merger of American seed and weed-killer company Monsanto and German medicine and farm chemical maker Bayer. (AP Photo/Pablo Martinez Monsivais)

    Bayer CropScience North America President and CSO Jim Blome, left, and Monsanto Company Executive Vice President & Chief Technology Officer Dr. Robb Fraley, are seen on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, prior to testifying before ... the Senate Judiciary Committee hearing on a proposed $66 billion merger of American seed and weed-killer company Monsanto and German medicine and farm chemical maker Bayer. (AP Photo/Pablo Martinez Monsivais) (The Associated Press)

Senate panel to scrutinize proposed Bayer-Monsanto merger

Markets Associated Press

The Senate is set to take a closer look at a proposed $66 billion merger of American seed and weed-killer company Monsanto and German medicine and farm chemical maker Bayer.

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The deal combines two of the six U.S. and European companies that dominate the agrochemical market, and would create a global agricultural and chemical giant with a broad array of products. Senate Judiciary Committee Chairman Charles Grassley of Iowa has said he's concerned that the consolidation could hurt American farmers who are already worried about rising costs.

After months of negotiations, St. Louis-based Monsanto Co. last week accepted an offer from Leverkusen, Germany-based Bayer. The Senate panel will hear from those two companies and others at a Tuesday hearing on consolidation and competition in the U.S. seed and agrochemical industry.