Schering looks to buy

18 March 1999

Schering looks to buy

SCHERING, the German pharmaceuticals group, is looking to develop a “fourth leg” in its business portfolio, most probably in the biotechnology sector.

Its stance on acquisitions has been bolstered by the planned sale of its 24% stake in Aventis Crop Science (ACS).

Schering is hoping to pick up DM10bn (£3,45bn) from the sale of the stake in ACS, which will be created by the merger of Hoechst and Rhône-Poulenc.

Scherings stake in ACS derives from its 40% holding in AgrEvo, the agrochemicals business it co-owns with Hoechst.

Schering arranged earlier this year with Hoechst and Rhône-Poulenc to allow it to sell its stake in ACS from 2004.

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