Bayer agrees to sell its animal health unit to Elanco for $7.6 billion, as it restructures amid a legal battle over its Roundup herbicide
By Ruth Bender Aug. 20, 2019 6:08 am ET BERLIN— Bayer AG BAYRY 2.42% is selling its animal-health business to an American rival for $7.6 billion, part of the German drug and chemicals giant’s plan to divest assets amid mounting legal liabilities from its Roundup herbicide.
Bayer said it would get $5.3 billion in cash and retain a stake worth $2.3 billion in Elanco, based on the unaffected 30-day volume weighted average price on Aug. 6. Bayer said it plans to exit this stake over time. Bayer said in December it was exploring options to exit its animal-health business, the smallest of its four units. The move is part of a wider plan to shed operations that are diverting resources and management time from its core and bigger drugs and agriculture divisions, save costs and bring down debt.
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