German chemical groups Bayer and Lanxess have agreed to sell chemical park opera...
FILE PHOTO: A logo of Lanxess is seen next to dark clouds at Cologne Bonn airport March 27, 2015. REUTERS/Wolfgang Rattay
Reuters reported last September initial plans by Bayer to divest its 60% stake in the chemical park operator, part of a string of assets it has put on the block to slash debt since its $63 billion takeover of Monsanto last year. MIRA has committed to keeping Currenta in its current structure and not sell parts over the next three years, the head of MIRA’s German business, Hilko Schomerus, told Reuters.He added the investment would offer adequate returns at low risks and that MIRA intended to hold on to Currenta for 10 to 12 years.
Lanxess, which had initially intended to hold on to its stake, realized an equity value of about 780 million euros for its 40%, in addition to an unspecified participation in profit until the transaction is completed.
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