Aventis is looking to spin off its CropSciences division to Bayer, which is considering its purchase, according to a recent Bayer news conference. Aventis is looking to focus on its pharmaceuticals business and has sent sale proposals to Monsanto, DuPont, Dow, Bayer and BASF.
Bayer has shown interest in purchasing the division in the past. The company is examining the proposal and may make a decision by the end of June. Aventis values the CropSciences unit $3.31 billion with an additional $2 billion of debt.
However, a snag might arise from the German pharmaceuticals company Schering, which owns 24 percent of the CropSciences unit. The company is concerned adverse market conditions will affect the sale price.