Schering and Hoechst plan buying spree
THE two German chemicals giants, Schering and Hoechst, are looking to buy as many as three seeds businesses.
The companies are investing $850m in AgrEvo, their agrochemical joint venture, to fund any potential buyouts.
Schering said that AgrEvo would seek to buy another two or three seed businesses.
The joint venture recently paid $650m for Cargills US seed business and already has a tie-up with Pioneer Hi-Bred, a rival seed producer.
Scherings plans to expand in plant breeding came as it warned of a downturn in its pharmaceuticals business if the dollar stayed low.