13 August 1999
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 Euro14.22 billion (£9.4bn) in the first six months. Operating profit fell 3.7% to Euro1.5bn, excluding the Euro952m gain from the June flotation of 65% of its imaging unit Agfa.