Bayer to Buy Insecticide Maker
LEVERKUSEN, Germany — Bayer said Tuesday that it has agreed to buy Aventis CropScience for about $4.9 billion in cash to become the biggest maker of insecticides and help replace lost income from the withdrawn cholesterol treatment Baycol.
The purchase from Aventis and Schering will yield annual savings of about 500 million euros with an elimination of 4,000 jobs, Bayer Chief Executive Manfred Schneider said at a news conference. The company also will assume $1.7 billion in debt in the deal and plans to finance the purchase through borrowing.
Bayer’s American depositary receipts fell $1.40 in over-the-counter trading. Aventis’ ADRs rose 35 cents to $75.55 and Schering’s ADRs rose $3.80 to $53.05, both on the New York Stock Exchange.
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