Bayer AG on Monday detailed its offer to buy Monsanto Co. for $62 billion, ratcheting up the stakes in the German pharmaceutical and chemicals giant’s bid to create the world’s largest seed and pesticide business.

Bayer released a May 10 letter to Monsanto Chief Executive Hugh Grant that outlined plans to combine Monsanto’s No. 1 position in seeds and crop genetics with the German company’s prowess in pesticides to create “a truly global agriculture leader.” The proposed deal includes an assumption of $8 billion in debt.

...