Bayer AG, Europe's biggest pharmaceutical and chemicals conglomerate, is exploring a sale of its $10-billion plastics unit to focus on growing the health business, according to people with knowledge of the matter.
The German company is considering the options for Bayer Material Science after crosstown chemicals company Evonik Industries AG showed potential interest several months ago, said the people, who asked not to be identified because deliberations are private. No final decision has been made on the plastics unit, and the Evonik considerations failed to gain traction, they said.
The business may fetch more than euro 7.8 billion ($10.8 billion) including net debt, according to estimates from Fabian Wenner, an analyst with Kepler Cheuvreux in Zurich.
The German company is considering the options for Bayer Material Science after crosstown chemicals company Evonik Industries AG showed potential interest several months ago, said the people, who asked not to be identified because deliberations are private. No final decision has been made on the plastics unit, and the Evonik considerations failed to gain traction, they said.
The business may fetch more than euro 7.8 billion ($10.8 billion) including net debt, according to estimates from Fabian Wenner, an analyst with Kepler Cheuvreux in Zurich.