Bayer Diagnostics to hive off biz to group Co

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.