Bayer to unveil plan to sell plastics business: WSJ Deutschland
Bayer (BAYGn.DE) plans to sell its plastics business with an estimated value of about 8 billion euros ($10.3 billion) as part of a shift away from chemicals toward pharmaceuticals and crop science, a German newspaper reported, citing informed sources.
Plans to divest the business, which Bayer calls MaterialScience, could be announced as soon as on Thursday, the Wall Street Journal Deutschland cited one source as saying.
It remains unclear whether Bayer plans a direct sale of the business or a spin-off via a public flotation, several sources told the paper. A splitting off of the business was also possible, the paper said.
None of the steps were likely to happen before next year, one of the sources was cited by the paper as saying.
MaterialScience makes polycarbonate plastics for panoramic roofs in luxury cars and for blu-ray disks, among other products. Polycarbonates are in ample global supply after lower-cost rivals in the Middle East, mainly Sabic (2010.SE), built new sites.
Bayer was not immediately available for comment.