German pharmaceutical and life sciences company, Leverkusen-based Bayer AG, and a specialty chemical company, Lanxess, based on Cologne, Germany, had issued a joint statement on Tuesday, the 6th of August 2019, saying that the companies had agreed to sell chemical park operator Currenta to Macquarie Infrastructure and Real Assets (MIRA) for €3.5 billion ($3.9 billion).
Besides, Bayer and Lanxess had added on Tuesday (August 6th) the deal would include net debt alongside pension obligations and a real estate portfolio that Bayer AG, the second-largest biochemical company in the world, would hand over to Macquarie.
In point of fact, Bayer AG has been holding a 60 percent stake at its chemical park operator Currenta, while Lanxess has been a 40 percent stakeholder for Currenta. Meanwhile, analysts had been quoted saying following Tuesday’s (August 6th) Bayer move to sell-off its another low-profit subsidiary that Bayer AG was caught off-guard last year during its $63 billion purchase of US-based Monsanto, which came along with a bundle of lawsuits over its glyphosate containing weedkiller Roundup alongside a havoc-scale debt-pile and had been forcing the German pharmaceutical behemoth to divest a large spectrum of its low-profit businesses in order to downsize its debt-pile.
Apart from that, adding that its 40 percent stake sale of Currenta, which would generate roughly €780 million, would proffer Lanxess a breather to center its focus more on to its core specialty chemicals business, Lanxess Chief Executive Matthias Zachert said, “The sale of our stake will give us additional financial leeway to drive forward our growth course in specialty chemicals.
” Nonetheless, followed by the reveal of Bayer’s latest divestment plan on Tuesday (August 6th), shares of Bayer AG wrapped up the day 0.59 percent lower to €55.50 per share, while Lanxess shares pummeled 1.14 percent to €48.75 a share on Tuesday’s (August 6th) market wind down.