Abstract
AVENTIS AND SCHERING AG have entered exclusive discussions with Bayer about selling their $3.7 billion-per-year Aventis CropScience joint venture. After analyzing first bids from several companies, Bayer has emerged as the most promising partner, financially and socially, Aventis says. If it comes off, the acquisition, at a price estimated between $5 billion and $7 billion, would be Bayer's largest ever. Our crop protection business is a core activity Bayer Chairman Manfred Schneider says. By merging the two businesses, we would create one of the world's leading companies in this industry headquartered in Europe with global reach. Bayer—with its mix of chemicals, plastics, and drugs—would emerge as the number two agrochemical player after Syngenta. Novartis and AstraZeneca created Syngenta, with about $6 billion in annual agrochemical sales, by combining their agribusiness operations so that they could focus on pharmaceuticals. If the long-expected CropScience divestiture goes through, it would mark...
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