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News > International
Bayer's Agfa stake sale
March 15, 2001: 7:10 a.m. ET

German drugmaker to sell Agfa stake; profits rise, outlook positive
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LONDON (CNN) - Bayer said on Thursday it wants to dispose of its stake in film equipment maker Agfa-Gevaert to focus on its pharmaceutical and chemicals business.

Leverkusen, Germany-based Bayer's stake in Agfa-Gevaert is worth about graphic882 million.

The company also said fiscal 2000 operating profit before exceptional items rose 20 percent to graphic3.3 billion ($3.2 billion) from graphic2.8 billion in 1999. Sales advanced 21 percent to graphic30 billion.

Bayer, which makes over-the-counter drug staples such as aspirin and Alka-Seltzer, said it will sell the holding to the public and institutional investors.

graphicAfter the earnings announcement, Chief Financial Officer Werner Wenning said the company would list on the New York Stock Exchange on September 26, slightly later than originally planned. The company was expected to list in the second quarter of this year.

The company appointed Credit Suisse First Boston and Deutsche Bank  in December to advise on strategic options, amid speculation it was preparing its defence against a possible hostile bid.

It has been under pressure to sell its less profitable agricultural and chemicals unit, but rejected a shareholder motion to split the business on Thursday.

Bayer Chief Executive Manfred Schneider said in a statement the company expects to see double-digit growth in sales and operating profits in 2001.

Shares in Bayer (FBAY) rose 2.1 percent to graphic50.00 in early Frankfurt trade, while Agfa-Gevaert fell 7.2 percent to graphic20.70 in Brussels, valuing the company at about graphic2.9 billion. graphic




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