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Bayer abandons Rhein Chemie sale

Published on 2002-12-06. Author : SpecialChem


Bayer, the German chemicals and pharmaceuticals group has abandoned the EU215m ($215m) sale of Rhein Chemie Rheinau, its additives unit, to Advent International, the US private equity house.
Bayer said it had been unable to agree with Advent on a number of points.

The unit is one of several that the company is offloading as part of a larger restructuring in the wake of the withdrawal of Baycol, its top-selling cholesterol drug, last year.

Bayer, which recently bought Aventis Crop Science, an agrochemicals business, for EU7.25bn, also needs to repair its stretched balance sheet, which was carrying EU12.1 of net debt at mid year.

So far it has sold Haarmann & Reimer, its flavours unit, to Swedish financial investor EQT for EU1.66bn. It has also agreed to sel lits household insecticides division to SC Johnson, the privately-owned US company, for more than EU700m. The sale of PolymerLatex, a 50-50 joint venture with speciality chemicals company Degussa, is expected to raise about EU200m.

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