Bayer Diagnostics India has said it will hive off its diabetes care business to its group company, Bayer MaterialScience, for Rs 25.74 crore.The Gujarat-based company informed the Bombay Stock Exchange that the shareholders approved the proposal to hive off the business to Bayer MaterialScience, by way of a postal ballot.Recently, Bayer Diagnostics India had said that European engineering major Siemens AG was looking to acquire a 20% stake in it through an open offer made to the company's shareholders. However plans to acquire the stake had been delayed and a revised open offer was scheduled to be announced later.
