Bayer agrochem up for grabs?
SPECULATION of a deal in either Bayers pharmaceuticals or agrochemicals divisions prompted a sharp rise in the companys share price yesterday (Thursday), reports the Financial Times.
The speculation grew on the back of a lacklustre set of results from the company. Analysis suggested the pharmaceuticals and agrochemicals arms were in urgent need of a partner.
Like its competitors, Bayer is suffering hard times in agrochemicals.
Bayer sales fell 2% to 14.22 billion (£9.4bn) in the first six months. Operating profit fell 3.7% to 1.5bn, excluding the 952m gain from the June flotation of 65% of its imaging unit Agfa.
- Agricultural sales fall at Bayer, FWi, 03 May, 1999
- Bayer to buy Zeneca seed-treatment business, FWi, 14 April, 1998
- Financial Times 13/08/99 page 20