Bayer Cropscience Sells Insecticides
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Bayer Cropscience Sells Insecticides
Date:
Tue, 29 Oct 2002 08:42:13 -0500
From:
Stephen Tvedten <steve@getipm.com>
Organization: Get Set Inc. (www.getipm.com)
To: Paul Helliker <phelliker@cdpr.ca.gov>
Director, State of California, Department of Pesticide
Regulation
cc: Christine Whitman whitman.christine@epa.gov
Source: AGNET OCTOBER 28, 2002 -- III BAYER CROPSCIENCE SELLS INSECTICIDES ASSETS TO BASF FOR 1.18BILLION EUROS
Oct. 28/02 Agence France Presse English LEVERKUSEN, Germany - Bayer CropScience, a unit of the German drugs and chemicals group Bayer, was cited as saying Monday it sold insecticide and fungicide units to chemicals giant BASF for 1.18 billion euros (1.15 billion dollars).
The story says that the deal was announced following approval by competition authorities in April for Bayer's purchase of CropScience from the French-German drugs group Aventis on condition the German group divest its insecticides and fungicides licences.
The units' total value is estimated at 1.33 billion euros but the final figure takes "into consideration back-licenses granted by BASF to Bayer CropScience for selected non-agricultural uses," BASF said in a statement.
Products included in the deal, among them the leading insecticide Fipronil, generated sales of around 500 million euros in 2001, Bayer said.
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