Bayer, Aventis, Schering Sign Pact

Published online: Oct 05, 2001
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Bayer, Aventis and Schering AG have signed an agreement for Bayer to purchase Aventis CropScience. The announcement came Oct. 4

This will expand the company's crop-protection business. Aventis holds a 76 percent interest in the business and Schering AG holds 24 percent.

The acquisition price of 7.25 billion Euros, including assumption of debt, make this the largest acquisition in Bayer's history. The new business will be organized as a separate legal entity named Bayer CropScience.

"Acquiring Aventis CropScience will make us a world leader in crop science and substantially boost Bayer's earning power, Dr. Manfred Schneider, chairman of the Bayer Board of Management, stated.

Combined sales are expected to be 6.5 to 7 billion Euros in 2001, putting Bayer close behind the market leader. The business will cover all agrochemical activities as well as biotechnology and seeds.

The ownership transfer will take place in the first quarter of 2002.