Monsanto has reportedly turned its attention to German chemical company BASF, after receiving an “inadequate” $62bn takeover offer from rivals Bayer in May.

According to financial reporters at Bloomberg, Monsanto is exploring the acquisition of BASF’s agricultural unit. Discussions between the two agchem companies are said to be at an early stage, and Bloomberg also reported that talks between Monsanto and Bayer are ongoing.

Although both options remain open, sources close to the matter have said Monsanto’s board is split over the takeover issue, with some board members still wanting to remain independent.

The revival of talks between Monsanto and BASF represents the latest in a series of attempts to consolidate on the part of the world’s ‘big six’ pesticide and seed companies. So far Dow Chemical and DuPont have announced a merger and Switzerland-based Syngenta acquiesced to a takeover by ChemChina after rejecting multiple bids from Monsanto.