Bayer Says Still Focused on Animal-Health Sale After Elanco Merger Reports
August 08 2019 - 3:37AM
Dow Jones News
By Patrick Costello
Bayer AG (BAYN.XE) continues to pursue its plans to exit the
animal-health business via a sale, the company said Thursday,
following press reports of a potential deal with Elanco Animal
Health Inc. (ELAN).
"Bayer is on track with its plans to exit the animal-health
business," a spokesman for Bayer said. "Following a strategic
review of exit options, the primary focus is on a sale."
However, the German chemical and pharmaceutical giant is
considering "all value-maximizing options," he added.
Bloomberg reported Wednesday that Elanco was aiming to reach a
deal to merge its business with Bayer's animal-health unit as early
as next week when Elanco releases earnings Aug. 13.
Bayer declined to comment further on the reports.
The deal as currently discussed would see Bayer gain a
significant minority stake in Elanco, Bloomberg says, adding that
the company would likely proceed with its original plans for a sale
if an agreement with Elanco can't be reached.
Bayer is expected to sell its animal-health unit for as much as
8 billion euros ($8.97 billion) as part of its wider strategy of
paring down its business following its acquisition of Monsanto Co.,
according to Bloomberg.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
August 08, 2019 03:22 ET (07:22 GMT)
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