Aventis CropScience negotiations to be continued exclusively with Bayer AG
Aventis and Schering AG agreed and announced today that for the weeks to come the negotiation process concerning the potential divestment of Aventis CropScience will be continued exclusively with Bayer AG. Aventis holds a 76 percent interest in the crop protection and production business, while Schering AG, Berlin, holds 24 percent. In November 2000, Aventis announced its intention to divest Aventis CropScience by the end of 2001 in order to focus on its pharmaceutical business. After reviewing different divestment options, Aventis has now decided on a trade sale, which it considers the most value-enhancing option. After analyzing first bids from several companies, Bayer has emerged as the most-promising partner– financially and socially.
The decision to continue the negotiations exclusively with Bayer AG does not constitute any legally binding agreement between the involved companies. As the negotiations evolve, all legally required information and consultation procedures with the relevant employee representative bodies as well as with the relevant corporate governance bodies and external authorities will be adhered to. The implementation of any disposition of CropScience by Aventis is subject to negotiation and execution of a definitive agreement and receipt of all applicable regulatory approvals.
Aventis CropScience is a major crop protection and crop production company focusing on researching, developing and marketing innovative solutions that meet the needs of today’s farming: healthy crops, increased yields, improved crop and food quality. With € 4 billion sales in 2000, Aventis CropScience employs about 15,300 people in more than 120 countries world-wide.
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