Bayer to acquire Aventis CropScience for €7.25 billion
2 Oct 2001
Bayer intends to expand its crop protection business with the acquisition of Aventis CropScience (ACS).
The purchase agreement has now been signed, marking the completion of negotiations with current owners Aventis, who hold 76 percent and Schering who hold the remainding24 percent.
The acquisition price of €7.25 billion, including the assumption of debt, is said to make this the largest acquisition in Bayer's history. The crop science activities will be organised as a separate legal entity named 'Bayer CropScience'.
The new company will be headed by Dr. Jochen Wulff, currently General Manager of Bayer's Crop Protection Business Group. Bertrand Meheut, Chairman and CEO of Aventis CropScience, will partner with Dr. Wulff in leading the integration process.
Combined sales are expected to total between €6.5 and 7 billion in 2001, putting Bayer close behind the market leader. The business will cover all agrochemical activities as well as biotechnology and seeds.
Bayer CropScience will be headquartered in Monheim, Germany, and the two principal ACS sites at Lyons, France, and Frankfurt, Germany, will continue to play significant roles in the new company.
The deal is expected to close in the first quarter of 2002 subject to the approval of the relevant authorities.
